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
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...