Institutional Investors

North Carolina prescribes $3.6bn hedge fund boost

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The $72 billion North Carolina Investment Management Division is set to add more than $3 billion to hedge funds over the next three to five years, following legislative changes put in place last year.

The legislation allows the Investment Management Division to allocate a maximum of 6.5% of plan assets, equivalent to $4.3 billion, to equity hedge fund strategies. But rather than investing to full capacity, according to North Carolina Treasury Department spokeswoman Julia Vail, the division is aiming for a 6% allocation to equity hedge funds over the next three to five years.

Until now, North Carolina’s