Institutional Investors

CalPERS completes $7m in redemptions


The $230 billion California Public Employees’ Retirement System continues to pare back its hedge fund portfolio with a total of $7 million in redemptions across three hedge funds.

The transactions took place late last year with Farallon giving CalPERS a full redemption ($3 million) and Canyon Value Realization Fund and Tennenbaum giving the pension fund partial redemptions. The $5 billion hedge fund programme at its peak was poised to grow rapidly with 27 direct allocations and nine funds of funds. Now the system has 14 individual hedge fund holdings and eight funds of funds.

CalPERS has been negotiating