Fund of Hedge Funds Institutional Investors

Lexington seeks fund of hedge funds

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The Lexington (Mass.) Retirement System has gathered request for proposals for its initial foray into hedge funds. The $120 million pension plan is looking to invest between $1 million and $2 million in a diversified fund of hedge fund portfolio. Meketa Investment Group is the pension fund's consultant.

The Lexington investment portfolio was expanded to include an opportunistic investment approach in 2004. Wellington Management Company at that time was authorised to use long/short positions in certain derivative instruments in a way that leverage was not applied and that the notional value would be limited to 15% of the