CalPERS, California's pension plan for retired employees of the state, has dropped the Andor Technology Fund L.P. from its absolute return strategies portfolio. The redemption value of CalPERS' investment in the fund was $41 million.
Andor's problems have been well-documented in the past year. Jittery investors have pulled out following poor performance in 2003 and the departures of employees including top manager David Felman, partner Chris James and several analysts. Assets have halved to $3 billion, and the offshore component of the fund is said to be down just over 4% this year. CalPERS apparently took advantage of