California, New Jersey, Texas investors look for extra edge at SALT Conference.LAS VEGAS – Major U.S. allocators say they are beginning to look beyond the raw numbers as they shift their allocations to hedge funds.
Joseph A. Dear, chief investment officer of the $232 billion California Public Employees’ Retirement System, said his organization could double the $5.5 billion it has invested in hedge funds. He’s held back not merely by the usual concerns about performance, but by the industry’s reputation.
“There are some people who think hedge funds are terrible, overpaid, and get bad press,” Dear said, hardly a popular opinion at the fourth annual SALT Conference in Las Vegas. “It’s