The $7.7 billion Cook County Retirement Funds in Chicago have moved forward in hedge funds appointing three funds of hedge funds to manage approximately 9% of the total fund, or roughly $700 million.
Blackstone Alternative Asset Management, Diversified Global Asset Management and The Rock Creek Group are splitting the portfolio following a FoHF search that began last autumn with the help of Callan Associates. The mandate was funded from the current pension fund structure.
The selection process also considered customised and separate account programmes. Also interviewed for the Cook County Employees’ mandate was local firm Mesirow Advanced Strategies.