Institutional Investors

California continues to focus on a golden destination of pure alpha


CalPERS takes hedge funds out of the domestic equity bucket as it aims to invest $9.5 billion

Craig Dandurand
The $238 billion California Public Employees’ Retirement System (CalPERS) has nearly finished realigning its relationships with hedge fund managers. Now after 10 years it is re-stating its absolute return aims and tactically streamlining its hedge fund investments to be more than just an equity hedge.

The most recent allocation to its Risk Managed Absolute Return Strategies Program (RMARS) is a $100 million commitment to the Standard Pacific Eureka Fund, a long/short equity fund that has a global focus on mid-cap stocks. The fund’s investment approach is fundamentally driven by developing information channels across