Institutional Investors

Philadelphia adds Mariner Caspian

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The Philadelphia Board of Pensions and Retirement added its fifth direct hedge fund investment this year and plans to approve one more fund later this year.

Mariner Caspian will manage $10 million for the municipal pension plan. Funded from cash, the new investment illustrates the system's plans to further diversify its existing hedge fund portfolio. Christopher McDonough, chief investment officer of the $3.6 billion pension fund, said that plans for 2010 have not been finalised.

Debt, long/short equity and event-driven strategies along with niche fund of hedge funds commitments were part