Institutional Investors

CalPERS gives hedge funds a new label

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The $238 billion California Public Employees’ Retirement System has almost completed a process of realigning its relationships with its underlying hedge fund managers – and as of 1 July the hedge fund programme is now standing alone in its investment portfolio under the ‘absolute return strategies’ label.

The hedge fund programme staff will now report directly to Joseph Dear, CalPERS’ chief investment officer.

The refocusing of the programme to stand on its own gives staffers the ability to seek out hedge fund investments based on the opportunity set to ensure that strategies in the absolute return segment do