Va. Pension System Rebalances Funds Of Funds

May 3 2010 | 10:03am ET

A pair of funds of hedge funds is the beneficiary of a Virginia pension’s rebalancing act.

The Fairfax (Va.) Educational Employees’ Retirement System will invest an additional $16 million with Grosvenor Capital Management and $12 million with Permal Investment Management, HFMWeek reports.

The move, at the recommendation of its consultant, NEPC, will both return Fairfax to its 5% hedge fund allocation and leave the two funds of funds managing roughly equal sums for the plan.

The Fairfax pension manages $1.3 billion.

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