CalPERS Shifts Hedge Fund Strategy
The California Public Employees’ Retirement System (CalPERS) with US$ 254.5 billion in assets is juicing its augmentation to event-driven and global macro hedge funds. 5% of their hedge fund portfolio will be allocated to event-driven strategies. Global macro strategies will grow to 10% of the hedge fund portfolio, up from 2%. The big news is that CalPERS plans to decrease fund-of-fund investments, excluding those investing in small hedge funds, in this area from 14% to 5%. About US$ 5 billion in assets is allocated to hedge funds. The pension fund’s Absolute Return Strategies Program returned 4.2% in 2012 which was below the 5.2% benchmark.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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