Institutional Investors

CalPERS sticks to the redemption trail


With no new allocations to hedge funds in the first half of 2009 and preparations under way for its own hedge fund seeding programme, the California Public Employees' Retirement System continues to redeem assets from its hedge fund managers.

The Canyon Value Realization Fund saw a partial redemption of $115 million, while Liberty Square Offshore Partners saw a final full redemption of nearly $6 million in recent months. Breaching the $700 million mark in redemptions since last fall, CalPERS fully withdrew from Zaxis Institutional Partners, totalling $167 million in January.

In September 2008, the CalPERS' hedge fund portfolio hit a