Fund of Hedge Funds Institutional Investors

Fresno County selects two funds of funds

by

Fresno County Employees' Retirement Association in California selected Common Sense Investment Management and Grosvenor Capital Management for the $2 billion pension system's fund of hedge fund allocation.

Roberto Pena said that each manager will receive between $40 million and $45 million. Investment consultant Wurts & Associates surveyed potential fund of fund managers and current manager Blackstone Alternative Asset Management on their underlying hedge fund redemptions. Manager stress reviews were done on Aetos Capital, Grosvenor Capital Management Common Sense Investment Management and Blackstone, all of which were deemed to be healthy by Wurts.

Blackstone currently manages roughly $14 million