And it helps if the manager worked at Tiger, Pequot or
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,...