Philadelphia still targeting single manager, niche FoF strategies
Mon Apr 6, 2009
This $3.6 billion municipal pension is set to equalise direct and fund of fund investments with up to eight new managers by year end
This $3.6 billion municipal pension is set to equalise
direct and fund of fund investments with up to eight new
managers by year end
By Susan Barreto
As most U.S. municipal pension plans are only getting a good
start on their hedge fund programmes, the City of Brotherly
Love is quickly becoming the 'City of Hedge Fund Hope'. The
Philadelphia Board of Pensions and Retirement, an early
allocator to funds of hedge funds, is now filling single
manager mandates with plans of creating a 50:50 mix of funds of
funds and direct investments.
Officials are targeting a 6%, or roughly $216 million,
allocation to hedge funds with plans to fill direct investments
with between 10 and 12 managers by year end. This decision
comes as one of the managers on the fund of fund side of the
portfolio has had to delay redemptions partially...
ISSN: 2151-1845 / CDC10004H
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