New York Plans Emerging Manager, Hedge Fund Seeding Programs

May 13 2010 | 12:26pm ET

The New York State Common Retirement Fund, rocked by a pay-to-play scandal that implicated several of its hedge funds, is preparing a new $500 million hedge fund investment program focusing on new and emerging managers.

The $116 billion public pension fund plans to hire the Blackstone Group to handle the first part of the plan, managing a $200 million emerging hedge fund allocation. The New York-based firm will seek out experienced managers without a large following, but with strong potential, Hedge Fund Alert reports. Blackstone will be assisted by a smaller asset manager that has not been identified.

Blackstone beat out Protege Partners and SkyBridge Capital for the mandate.

Meanwhile, the Common Retirement Fund is preparing a $300 million hedge fund seeding program. Plans are still in their early stages, HFA reports, but the pension has begun screening incubators and funds of funds it is considering for the mandate.

CRF will take a direct stake in the hedge fund firms it seeds.


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Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

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