Pension Reserves and Investment Management Board has allocated
a total of $280 million directly to hedge funds in its first
tranche of single-manager hedge fund assignments.
Spanning 11 hedge funds, the initial direct allocation by
the $50 billion PRIM board allocates across a variety of
strategies including equity long/short, multi-strategy and
global macro. The total direct hedge fund programme amounts to
$500 million and another tranche comprising 10 managers will be
put up for board approval in December, according to Stanley
Mavromates, chief investment officer of PRIM.
Each of the single-manager hedge funds approved by the