Hedge Funds Institutional Investors

CalPERS redeems more than $300m from direct portfolios


The California Public Employees' Retirement System has logged more partial and full redemptions from single manager hedge fund portfolios totalling $328 million.

Full redemptions totalling $321 million were made from CRG Partners and PFM Diversified funds earlier this year, according to board meeting documents. CRG was originally hired to manage $75 million in 2007. A global macro hedge fund managed by Money Management Group, a firm founded by Charles Gruye in 1995, the portfolio invests in three to four significant opportunities each year using discretionary trading and quantitative models.