Cincinnati Ups Hedge Fund, Private Equity Allocations

Mar 12 2007 | 11:19am ET

The $2.6 billion Cincinnati Retirement System has revamped its portfolio, bumping up its investments in hedge funds and private equity to 5% for each asset class. The system formerly had just 1.4% of its portfolio in alternative assets and Treasury cash.

In addition, the system recently allocated $40 million apiece to p.e. fund of funds shops Fort Washington Investment Advisors and Piper Jaffray’s Private Capital Group. 

“We felt like we needed to diversify a little bit, and funds of funds give us a lot more diversity,” said executive director John Boudinot. He added that the system plans to allocate a further $80 million next year to other p.e. funds of funds.

As far as hedge funds are concerned, Boudinot said that the system “doesn’t really have much direction there yet” and anticipates a learning period before diving in next year. “This will be our first exposure and I believe we’re going to go into it in 2008 with 130/30 strategies,” Boudinot said.

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