Tuesday, 21 February 2017
Last updated 1 min ago
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.