Detroit Hires Three Hedge Funds

Jun 15 2007 | 10:43am ET

The $3.4 billion Detroit General Retirement System has allocated a total of $30 million to three hedge fund managers. The system awarded Guidance Capital, Entrust Capital and RLJ Asset Management $10 million each.

The three new mandates give Detroit more exposure to debt (Guidance), equities (Entrust) and other hedge funds (RLJ).  The system currently has 5% of its assets in alternative investments.

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