Institutional Investors

New York State adds long/short equity fund to direct portfolio

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The New York State Common Retirement Fund continues to add to its direct hedge fund portfolio with a $125 million allocation to Pennant Windward.

A long/short equity fund, Pennant Windward can also be found among a number of endowment and foundation portfolios. Officials at the pension fund said no placement agents were involved in the transaction, which was completed late last year.

Absolute return strategies are included in the $126 billion pension fund's equity portfolio, which accounts for 70% of the entire investment programme. Hedge fund strategies are authorised for