Sunday, 1 May 2016
Last updated 1 day ago
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.