CalPERS Hedge Fund Portfolio Shrinks

Jun 8 2011 | 9:55am ET

The nation's largest public pension fund's hedge fund portfolio is getting lighter.

The California Public Employees' Retirement System, which manages more than $230 billion, redeemed or received as distributions almost $100 million from three hedge funds. Most of that money came from Canyon Capital Advisors, which paid out distributions totaling $59.1 million in January and February.

Canyon's Special Opportunity Fund returned $55.3 million and its Value Realization Fund $3.8 million.

Most recently, the pension pulled $35 million from Wayzata Investment Partners' Recovery Fund, part of a $40.3 million set of redemptions in March. CalPERS remains an investor in the Wayzata fund.

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