Funds of Hedge Funds Institutional Investors

Fairfax tops up fund of hedge funds portfolio

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The Fairfax Educational Employees' Retirement System in Virginia plans to give additional allocations to Grosvenor Capital Management and Permal Investment Management.

A rebalancing plan set up by consulting firm NEPC allocates an additional $16 million to Grosvenor Capital Management, while Permal Group's Fixed Income Holdings receives a total of $12 million. Fairfax initially made a 1.25% allocation to Grosvenor Capital Management's Institutional Partners fund of funds in 2008.

According to board documents, an initial add-on allocation to the fund of hedge funds was made on 1 May, while the full add-on investment was done on 1 June 2010.