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Alternative Market Briefing

Alaska pension fund to stick with hedge funds

Monday, September 29, 2014

Komfie Manalo, Opalesque Asia:

Now some good news for hedge funds.

The $51bn Alaska Permanent Fund said it would stick with hedge funds and not follow the lead of California Public Employees' Retirement System (CalPERS) to completely divest its entire $4bn hedge fund program.

Alaska Permanent Fund Corp., executive director Mike Burns told Alaska News Dispatch that he understands CalPERS decision but they would not be following suit anytime soon.

"We think about it all the time," he said and added that while hedge funds have created "hedge" risk like insurance policy, big investors still look at the industry to balance their investment risk, especially looking at portfolios that would provide gains when the stock market is down.

He admitted that some hedge fund managers sometimes score big gains that allowed them huge paydays. "They're expensive," Burns added.

On Sept. 15, the U.S. largest pension system CalPERS, announced it would divest its entire $4bn hedge fund program. The pension said the program was too expensive and too complex to effectively move the needle for an already large portfolio. The staff recommendation, supported by the Investment Committee, will exit 24 hedge funds and six hedge fund-of-fun......................

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