The $1.5 billion Louisiana Municipal Police Employees' Retirement System has funded its fund of hedge funds portfolio, opting to hire Entrust Capital instead of Cadogan Management as previously planned.
Permal Group and Entrust received allocations of $20 million each, with funding coming from overfunded managers within the overall investment portfolio.
In 2009, when the system relied on Summit Strategies Group, officials tapped Permal and Cadogan but never funded the allocation, according to Kathy Bourque, who is director of investments at Louisiana Municipal Police. Mercer is currently the pension fund's general consultant.
Back in 2008, trustees