Institutional Investors

Fairfax pension fund halts search

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The $1.65 billion Fairfax Educational Employees' Retirement System in Virginia is understood to be taking the advice of its consultant NEPC in putting off future investments in hedge funds and suspending a search for a multi-strategy hedge fund.

Last year, officials considered an additional 1.25% allocation to hedge funds. This search was to follow the hiring of Grosvenor Capital Management earlier in 2008 and would have been in addition to absolute return investments with Permal Group's Fixed Income Holdings, which had been helpful to the pension programme's returns during the past fiscal year.

The decision to put off