Saturday, 28 May 2016
Last updated 20 hours ago
Jul 8 2011 | 11:25am ET
South Carolina's main public pension plan has boosted its commitments to two hedge fund managers by a total of $550 million.
The $26 billion South Carolina Retirement System Investment Commission has doubled its allocation to Avenue Capital Management, Pensions & Investments reports. The New York-based hedge fund will now manage $500 million for the pension.
In addition, South Carolina combined two existing commitments to D.E. Shaw Group that totaled $450 million and added another $300 million.
The pension has also extended the term of its investment consultant by one year; NEPC's contract will now expire at the end of June 2012. Chief Operating Officer Robert Feinstein said that South Carolina is still mulling whether to issue a request for proposals for a new consultant.