The investment committee is set to vote on the increase at its next meeting.
The investment staff of the $4 billion Philadelphia Public Employees Retirement System today made a recommendation to the pension fund’s board to raise its hedge fund allocation to 10% from 6%.
The investment committee is set to vote on the increase at its next meeting, which is scheduled for May 27, according to chief investment officer Chris McDonough. The system invests half of its hedge fund assets with funds of funds and the other half with hedge funds and would continue to pursue this even split if the allocation is raised, McDonough said.
The plan had been entirely invested