The New York City Employees’ Retirement System has set aside 5% for an allocation to direct hedge fund managers by cashing out of high-yield strategies to allocate to a variety of credit strategies.
The focus is on ‘funds of one’ structures for a $6 billion hedge fund programme, according to Adi Divgi, who currently manages the opportunistic fixed-income programme at the $120 million New York City Retirement Systems.
The programme invests in alternative credit managers to enhance returns across...