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Alternative Market Briefing

New York City pension system invests $450m in Fire Tree and Cantab hedge funds

Friday, February 08, 2013

Benedicte Gravrand, Opalesque Geneva: - The $127bn New York City pension system is investing $450m into two hedge funds, according to recent reports. $250m will go to Fire Tree Partners, a New York City-based event driven fund. The remaining $200m will go to Cantab Capital Partners, a quantitative fund manager based in Cambridge, UK.

(The Teacher Retirement System of Texas also apparently recently boosted its existing investment in Fir Tree by adding $25m.)

The New York pension system’s hedge fund holdings are now up by 25%, according to AI.CIO.com and HFMWeek. The asset class accounted for $1.745bn of the city’s total pension assets in November 2012, and $2.2bn as of this month.

At the end of November' 12, about 39% of the NYC pension funds’ assets were allocated to U.S. equity, 33% to fixed income, 16% to international equity, 10% to private equity and real estate, 1.4% to hedge funds and 0.2% in cash.

Lawrence Schloss, the CIO and deputy comptroller who presides over five New York City pension funds reportedly announced the hedge fund investme......................

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