Institutional Investors

CalPERS moves back to hedge funds, adds to Symphony fund


The California Public Employees Retirement System has finally started to move money back into hedge funds after logging redemptions in 2008, 2009 and early 2010.

The Symphony Eureka Fund, the portfolio's only convertible arbitrage fund, received a $75 million commitment from the $204 billion retirement fund and another two new hedge fund allocations have been approved internally, but have yet to be announced. For Symphony this is part of a long-standing relationship with CalPERS dating back to the early days of the state pension system's hedge fund portfolio. The Eureka Fund already had