New York Pension Picks Discovery

Apr 5 2011 | 10:09am ET

New York State's largest public pension fund has awarded a $100 million mandate to hedge fund Discovery Capital Partners.

The $140.6 billion New York State Common Retirement Fund said the investment with the Discovery Global Opportunity Partners fund closed on Jan. 1. The fund employs an emerging markets macro strategy.

It is CRF's first investment with Discovery.

"Overall reduction in equity exposure allows the fund to direct capital to the new real assets and opportunistic alternative categories," Olayinka Fadahunsi, a spokesman for New York State Comptroller Thomas DiNapoli said.

To that end, CRF also fired small-cap growth manager Insight Capital Research & Management. It did not provide a reason for redeeming the $21 million investment.


In Depth

FINalternatives Survey: We Asked Investment Pros...

Apr 2 2016 | 9:42pm ET

The data from our annual reader survey continues to roll in and provide interesting...

Lifestyle

Point72's Cohen Donates $275M To Veterans Mental Health Network

Apr 6 2016 | 8:31pm ET

Billionaire hedge fund manager Steve Cohen has formed a non-profit aimed at treating...

Guest Contributor

Agecroft: Why NYCERS Should Reconsider Exiting All Hedge Funds

Apr 18 2016 | 5:51pm ET

The recent decision by the New York City Employment Retirement System to exit its...