The Chicago Municipal Employees' Annuity and Benefit Fund has completed its $400 million foray into hedge funds.
The $4.5 billion pension fund has initially allocated $200 million each to K2 Advisors and Rock Creek Group as part of its equity investment portfolio.
According to Jim Mohler, senior investment manager at Chicago Municipal, the move to hedge funds began with initial $100 million allocations in 2008 as a way to gain exposure to hedged equity. The move was completed at the end of March.
Trustees may discuss a multi-strategy hedge fund allocation as part of a satellite hedge fund investment