West Va. Re-ups With Two Hedge Funds

Jan 18 2011 | 8:14pm ET

West Virginia has invested more than $30 million in two hedge funds and pulled $12 million from another.

The moves by the West Virginia Investment Management Board came after two of the hedge funds it invested with were shuttered and a third returned excess capital. The $9.1 billion public pension moved $30 million it had invested in a now-liquidated Anchorage Capital Partners credit hedge fund to another Anchorage fund, Pensions & Investments reports. It also took $6.4 million in distributions from Bridgewater Associates’ Pure Alpha fund and put it with Bridgewater’s Pure Alpha Major Markets fund.

Bridgewater launched the Major Markets fund late last year to give investors an opportunity to continue investing money returned from the Pure Alpha fund in a similar strategy.

On the other hand, West Virginia is simply taking its $12 million from Vicis Capital back. The firm closed its doors last January in the face of a federal fraud investigation. The pension chose not to invest in a new hedge fund launched by the Vicis team.


In Depth

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedging Against Reputational Risk in the 21st Century

Feb 12 2016 | 7:18pm ET

For investors, the first step in researching a new fund or manager is to google...