Hedge Funds Institutional Investors

Penn. Schools seeks hedge fund consultant

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The $46.7 billion pension system is looking to hire a consultant to assist with its 7.5% allocation to absolute return strategies.

The $46.7 billion Pennsylvania Public School Employees Retirement System has issued a request for proposals for a consultant to advise on hedge fund investments. The system has 7.5% of its portfolio invested in absolute return strategies and wants to hire a specialty advisor as the program has been expanding and getting more complex, said Jim Grossman, managing director of external public markets.

The consultant would assist with due diligence, performance and risk monitoring, overall portfolio strategy, as well as new ideas and potential searches within the sector, Grossman said. Proposals are due on April 5. For the full