Institutional Investors

San Antonio prepares for direct investment foray

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A new hedge fund programme structure is being formed at the $1.9 billion San Antonio Fire & Police Pension Fund in Texas where Albourne America has narrowed down the list of single hedge fund managers to between 15 and 20 firms from roughly 40 groups that had been under consideration.

In late 2010, trustees sent redemption requests to funds of hedge funds Optima, Ironwood and Benchmark, according to meeting minutes. The move leaves San Antonio with Lazard, Federal Street and Entrust in its fund of hedge funds portfolio. Albourne plans to complete site visits as part of the