Saturday, 25 April 2015
Last updated 10 hours ago
Jan 14 2011 | 10:37am ET
An Arizona pension that has poured more than $200 million into hedge funds in recent months is preparing to jump into hedge fund seeding.
The Arizona Public Safety Personnel Retirement System plans to launch a seeding program by the end of the year, Hedge Fund Alert reports. The move would make the $6.5 billion system one of a few public pension funds to make seed investments in hedge funds.
Ryan Parham, chief investment officer, said that the pension's hedge fund consultant, Albourne Partners, would advise on manager selection but that few other details have been worked out. It is unclear, for instance, if Arizona would take a stake in the firms and a part of their profits, for instance.
Parham did say that the system is likely to favor former proprietary traders in seeking out seed investments. He also said that he's spoken to several other public pension funds which might become co-investors alongside Arizona.
The ambitious seeding plan comes after a busy few months of alternative investing for the pension. The fund most recent allocated $40 million to emerging markets debt fund Iguazu Partners, run by Wellington Management. Since November, Arizona has awarded mandates of $70 million to Bridgewater Associates, $60 million to Centerbridge Partners, $50 million to Davidson Kempner Capital Management, and $40 million each to Luxor Capital Partners and the LSV Special Opportunities Fund.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…