Institutional Investors

CalPERS seeds Breton Hill with $100m for manager foray


The California Public Employees’ Retirement System invested $100 million in seed capital with Breton Hill Capital, a Toronto-based global macro hedge fund with investments in equities, commodity and financial futures and currencies.

The $224 billion pension plan’s absolute return strategies programme also has approximately $500 million invested with customised funds of hedge funds – managed by Pacific Alternative Asset Management Company, Rock Creek Group and 47 Degrees North – focusing on emerging managers. CalPERS launched its Absolute Return Strategies programme in April 2002 and had $5.3 billion invested in it as of 30 June.

The long-term allocation to