North Carolina Pension Hires PAAMCo

Jul 28 2011 | 9:50am ET

The North Carolina Retirement System has retained California-based fund of hedge funds Pacific Alternative Assets Management Co.

HFMWeek, citing recently published meeting minutes, says the $85 million pension has hired the firm to increase its allocation to credit hedge funds.

PAAMCo, with $9.8 billion AUM, was the subject of a Securities and Exchange Commission probe into its relationship with Paloma Partners’ Donald Sussman. The probe, which followed an October court ruling granting Sussman a 40% stake in PAAMCo, considered whether PAAMCo was misleading investors by selling itself as a women-owned firm. It concluded in April 2011 without charges. 

During the same February meeting, the NCRS also decided to redeem its investment with the hedge fund firm SCS Global, and to partially redeem its investment with Franklin Street. According to the minutes, the move was “a means of bringing the alternatives portfolio into compliance with the 5% statutory cap.”


In Depth

Q&A: TCA Fund Management's Bob Press on Small-Cap Private Equity

Aug 25 2016 | 8:55pm ET

The emergence of private credit as a replacement for traditional bank financing...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...