Institutional Investors

Vermont moves into hedge funds


The nearly $3 billion Vermont Retirement System has once again begun a discussion of hedge funds and has set aside 5% to be split between three funds of hedge funds.

Grosvenor Capital Management, Permal Group and GAM are said to be splitting the mandate that will likely be funded from the equity side of the portfolio. Vermont Pension Investment Committee approved a new asset mix in late August that included the $150 million allocation to hedge funds. The current asset class targets are: 12% large cap equity; 6% small/mid cap equity; 12% established