Institutional Investors

Penn. School Employees adds two funds

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The $47 billion Pennsylvania Public School Employees’ Retirement Board added two hedge funds to its stable in late 2010.

The Capula Global Relative Value Fund Limited and Caspian Select Credit International funds received $200 million each from the pension board, which hired Aksia last year to assist in building up a direct hedge fund programme set to be $4 billion.

Capula, formed in 2005 by former members of UFJ International’s proprietary trading group, is a relative value fixed-income absolute return fund with a focus on US, Europe and Japan. The portfolio is engaged in interest rate trading in