Institutional Investors

New York increases allocation with $50 million to Diamondback


The New York State Common Retirement Fund is continuing to build up its direct hedge fund portfolio with a $50 million add-on allocation to Diamondback Partners.

The $117 billion pension system is expected to add another $2 billion to hedge funds, following a number of redemptions and the redeployment of capital from funds of funds. However, officials plan on using fund of funds managers where it is advantageous.

The initial $75 million allocation to Diamondback Partners, a US-focused, long/short strategy, closed in June and is the latest long/short equity allocation for the pension fund,