The disarray in global financial markets has forced the Montana Board of Investments to put its search for a fund of hedge funds manager on hold.
The mandate size was never determined, but trustees for the $11 billion fund began their search in earnest last year with the help of consultant RV Kuhns. Last spring, trustees began the education process by holding discussions with BlackRock Alternative Advisors and Grosvenor Capital Management.
At that time fees associated with hedge funds seemed to be a stumbling block, with trustees opting for a 130/30 equity portfolio in 2007.
The board received