Camden Council pension fund is now officially searching for a fund of hedge funds to take on a mandate for around 5% of plan assets.
The mandate is for a specialist multi-strategy fund of hedge funds manager to run a portfolio of around $70 million. Camden defines multi-strategy as consisting of at least four different hedge fund strategies invested through a fund of fund approach. The performance objective will be based on cash (LIBOR) plus returns, which are relatively uncorrelated with equities and at lower than equity market levels of volatility.
While the decision to move into hedge