Danbury Pension Picks Third Point, Just In Time

Jun 23 2011 | 10:09am ET

A Connecticut pension plan on the outskirts of hedge fund country has hired Third Point.

The City of Danbury Employees Pension Plan will invest $3.5 million with the event-driven fund at the end of the month, half of its planned allocation to the firm. The $227 million plan will bring that up to its “full position” in January, HFMWeek reports.

The second half of the allocation will be funded by proceeds from rebalancing Danbury’s investments with GoldenTree Asset Management and Ivory Asset Management “at their next available redemption dates.” The split allocation is designed to keep the pension under its 30% alternative investments cap.

Danbury is getting in just under the wire: The pension notes that Third Point is “slated to close for new investors effective 1 July” and will reopen for existing investors early next year.

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