Institutional Investors

West Virginia adds AQR and Pershing Square


The $12 billion West Virginia Investment Management Board recently added two more allocations to its hedge fund pool, which totals more than $1 billion.

AQR Delta Offshore Fund II won a $40 million mandate, while the Pershing Square International Fund received $30 million from the public retirement system.

AQR’s inv¬estment objective is to produce high, risk-adjusted returns while targeting low, long-term correlation to traditional markets. The fund carries a monthly redemption provision.

Pershing Square, meanwhile, has a hard lock-up in place until September 2013, after which West Virginia will have a quarterly redemption period.