And it helps if the manager worked at Tiger, Pequot or Moore
So far, the California Public Employees' Retirement System (CalPERS) has invested just over half its $1 billion allocation to 13 diverse hedge funds and is tending to select specialists - particularly in the equity area - and also seems to be favoring those managers from Tiger, Pequot or Moore.
Its most recent additions fall into the specialist category and include Lansdowne Partners, a fundamentally-drive European long/short manager run by Steven Heinz and Paul Ruddock in London, and Everglades Partners, a Miami-based hedge fund run by Jeffrey Berg's Matador Capital Management.
Lansdowne was added to give the CalPERS portfolio European equity market exposure. On the long side the fund focuses on the mid-cap area, while the shorts are typically larger cap stocks. Matador is a value-oriented,...