LASERS creates a $900m customised and concentrated portfolio
Thu Sep 6, 2012
The Louisiana pension fund aims for optimal diversification via three FoHFs and Bridgewater
By Susan Barreto
Staffers at the second-largest pension plan in the Louisiana
have spent the last 18 months conducting a thorough review of
their hedge fund programme - a move that has coincided with a
prolonged period of hedge fund underperformance compared to
traditional benchmarks. Unlike many of its US public pension
peers, however, the Louisiana State Employees' Retirement
System (LASERS) has kept funds of hedge funds as the
cornerstone of a successful absolute return allocation.
The $9.2 billion retirement system recently hired Prisma
Capital Partners and Entrust Capital, two New York-based firms,
as it expanded its hedge fund programme. Prisma is all set to
handle $200 million, while Entrust Capital will have a $100
million opportunistic fund of hedge funds mandate. Onsite due
diligence was done prior to board interviews in late May, with
finalists that made the grade including Blackstone Alternative
Asset Management, Entrust, Permal Group...
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