Az. Pension Ponders Stark, Dreyfus Investments

May 26 2011 | 9:58am ET

An Arizona pension fund is on a major hedge fund kick.

The $6.1 billion Arizona Public Safety Personnel Retirement System's investment committee will propose two additional hedge fund allocations this week. Just last month, the public pension fund poured more than $100 million into hedge funds managed by Gracie Capital and Goldman Sachs, and is still considering $100 million in allocations to EJF Asset Management and Oaktree Capital Management. It also boosted its investment in Bridgewater Associates by $20 million.

Now, PSPRS' board will talk about investing up to $30 million in Stark Investments' ABS Opportunity Fund and up to $25 million in Louis Dreyfus Investment Group's LD Commodities Alpha Master Fund, HFMWeek reports.

In recent months, Arizona had invested in hedge funds including Iguazu Partners, LSV Partners, Luxor Capital Partners and Red Kite Management. Its investment in Bridgewater is relatively recent, as well, dating only to November. But the bet has paid off: The new investment in the firm's All Weather Portfolio came from "rebalancing some of the profits that were earned from Bridgewater's Pure Alpha Fund II strategy," the pension's April investment update explained.


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