The $126 billion New York State Common Retirement Fund is continuing to diversify its direct hedge fund portfolio with emerging markets and global macro mandates.
Finisterre Capital is the latest addition to pension portfolio with a $250 million commitment to its Finisterre Emerging Markets Fund on 1 January.
The fund invests in emerging market sovereign and corporate debt, local currency debt, foreign exchange, special situations and equity. The allocation is locked up for two years.
Paul Crean, chief investment officer of Finisterre, said the emerging markets fund is geared