Institutional Investors

Danbury, Connecticut commits to event-driven manager

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The $222 million Danbury, Connecticut General Employees’ Pension plan has made a $3.5 million commitment to Third Point upon the recommendation of its consultant, Graystone.

Third Point is an event-driven manager that focuses on exploiting market dislocations in areas including distressed debt, spin-offs and merger arbitrage. The fund is closed to new investors as of 1 July, but is projected to re-open for existing investors and certain consultants in January 2012.

Graystone recommended to trustees that Danbury invest in Third Point in two tranches, with initial allocation on 30 June and the balance