Institutional Investors

Finland’s $40bn KEVA forges ahead with single-manager programme

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Kuntien Elakevakuutus (KEVA), the giant Finnish local government pension institution which has assets of around $40 billion, has moved ahead with its hedge fund programme, continuing to invest in single-manager hedge funds. During last year, its allocation to hedge funds rose from 1.1% to 1.7% of total assets.

Last year the scheme invested around $219 million in hedge funds run by Davidson Kempner, MKP Credit and Taconic, the allocations totalling between $66 million and $73 million each.

In total the scheme now has around $729 million in hedge fund investments – well on the way to its stated