CalPERS, the $168 billion pension plan for California state employees, has announced it has allocated another $25 million to Deephaven Capital Management in its Deephaven Market Neutral Fund LLC. The pension has already allocated money to the Minnesota-based firm, which has $3.5 billion in assets.
CalPERS announced late last year that it plans to double its initial hedge fund allocation from $1 billion to $2 billion. CalPERS chief investment officer Mark Anson has recommended that half of the next $1 billion slug go into funds of funds. The pension had only put money in single-manager hedge funds before