Institutional Investors

NYC pensions to mix FoHFs and direct


The New York City Employees’ Retirement System board unanimously approved a $250 million allocation to funds of hedge funds Permal Group, following the New York City Police Pension Fund trustees unanimously selecting Permal Group as its first hedge fund investment.

After years of deliberations regarding hedge funds, the $40 billion New York City Employees pension is further diversifying its portfolio. The new allocation will come from the opportunistic equity portfolio. A long range target to hedge funds has not been specified.

The $23 billion police pension fund is the first of the New York City pension funds to