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Alternative Market Briefing

Rhode Island dumps hedge fund Luxor Capital

Thursday, March 24, 2016

Komfie Manalo, Opalesque Asia:

The Employees' Retirement System of Rhode Island has announced it would exit one of its hedge funds on recommendation of industry consultant Cliffwater. The state’s pension fund unanimously voted on Wednesday to redeem all its investments at Luxor Capital after sustaining losses the past few months, Reuters reported.

David Ortiz, a spokesman for the Rhode Island pension, said that the state is expected to receive $35m from Luxor by June 30 from its original $50m investment with the hedge fund since 2014.

In late February, influential industry consultant Cliffwater has placed Luxor Capital on a so-called watch list after suffering double-digit losses last year.

Cliffwater, which advises on roughly $55bn in alternative assets invested in hedge funds, private equity and real estate funds, told the Rhode Island state pension fund that it has put Luxor on its watch list in the wake of heavy losses last year, according to minutes of the Rhode Island pension fund's Jan. 27 meeting.

Thomas Lynch of Cliffwater said that Luxor reported an average annual loss of 18.3% between March 2014 and February 2016.

He said that the $4bn hedge fund posted losses because of its "poor investment selection and inadequate hedging......................

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