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Komfie Manalo, Opalesque Asia: Public pensions in the U.S. are pushing hedge funds assets as institutional investors raise their hedge fund portfolios, according to a report by Pensions & Investments.
According to the report, a majority of institutional investors, including public pensions, endowments, foundations, insurers and sovereign wealth funds, have raised their hedge funds portfolios as well as their exposures to hedge fund strategies.
There are also public pensions that have just started to invest in hedge funds, including the Illinois State Universities Retirement System, Champaign, which is looking for a hedge fund or fund-of-funds managers to manage 5% of its $16.9bn defined benefit plan. In July, the City of Milwaukee Employees' Retirement System hired Allianz Global Investors for a $62.5m absolute return strategy; and in May, the Teachers' Retirement Fund Association allocated $55m of its $1.1bn assets to EnTrust Capital Management for a customized hedge fund-of-funds separate account.
At the same time, other institutional investors are diversifying their hedge fund strategies. The Illinois State Board of Investment, Chicago, which oversees $14.6bn in assets, is planning to diversify its $1.5bn hedge funds-of-funds portfolio by allocating some $150m into a customized emerging hedge fund manager portfolio from existing he...................... To view our full article Click here
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