Hedge Funds Institutional Investors

Pennsylvania retirement system hires Aksia as hedge fund consultant

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The $47 billion retirement fund will employ the New York consulting firm to advise on its 10% allocation to hedge funds.

The Pennsylvania Public School Employees Retirement System has selected Aksia as its first hedge fund consultant. The firm will advise on the $47 billion retirement fund’s 10% allocation to hedge funds.

Penn. Schools is still in contract negotiations with Aksia. A spokeswoman for the retirement system declined to comment.

Trustees of the fund approved raising the fund’s allocation to absolute return strategies to 10% from 7.5% in March, and Aksia will help implement this increase. The pension already employs specialty private equity and real estate advisors and thought a hedge fund consultant was necessary now that the absolute return