The $173 billion California Public Employees'
Retirement System (CalPERS) plans to restructure relationships
with its hedge fund managers to achieve better alignment of
interests, more control of its assets and enhanced
"We believe that investors and managers a like stand to
benefit over the long term when interests are better aligned,
asset controls are properly instituted, and transparency of
risks and exposures is improved," said Joseph Dear, CalPERS
chief investment officer.
Instead of focusing on commingled accounts, CalPERS intends
to move towards customised vehicles, managed accounts and other
methods to improve control of its assets.
CalPERS will also seek the highest...