The recent allocation by the New York State Common
Retirement Fund of a $250 million investment to London-based
emerging markets total return specialist Finisterre Capital
marks a major leap forward for a firm that has been making
steady progress since its launch in 2003.
The move is significant on three counts. For one thing the
commitment, which is one of the New York state pension fund's
largest single hedge fund investments to date, represents a
sizeable allocation from a US pension fund to a non-US hedge
Second, it marks a significant vote of confidence by one of
the largest and savviest US institutional investors in a group
whose assets, despite several years of strong and consistent
performance, were around $700 million in total at the time of
the New York investment.
And third, it highlights the fast-growing appetite of major
investors to increase their exposure to emerging markets