Fresno County Employees’ Retirement Association Dumps Hedge Funds
Posted on 03/11/2020
California-based Fresno County Employees’ Retirement Association adopted a new asset allocation that dumps hedge funds in favor for a 15% increase in core fixed income allocation. This decision was made by the pension’s board in February 2020. The pension has a 6.1% allocation to hedge funds and plans to exit them by January 2021. These assets will also be redeployed to real estate assets and infrastructure.
Fresno County Employees Retirement Association has capital locked up into Grosvenor Institutional Partners, L.P., a vehicle that has been invested in hedge funds. GCM Grosvenor manages the allocation and redemptions are in progress.
Keywords: Fresno County Employees Retirement Association.
Correction: Article originally incorrectly stated the allocation amount.
