Institutional Investors

CalPERS makes add-on allocations

by

The $200 billion California Public Employees' Retirement System made $40 million in additional allocations to two Asian funds of hedge funds.

The first allocation to its hedge fund portfolio in over one year, the additional subscriptions to Vision Asian Fund of Funds and PAAMCO Asian Fund of Funds of $20 million each are part of the retirement system's ongoing interest in Asia. PAAMCO has been an adviser to CalPERS hedge fund portfolio since 2003. Vision Investment Management won its initial allocation in 2005 and CalPERS had the firm construct customised portfolios that are more concentrated than the commingled funds