Cook County Pensions Hire Blackstone, Two Other Funds Of Funds

Feb 3 2012 | 1:21am ET

A pair of Chicago pension funds have jumped into hedge funds, hiring three funds of hedge funds to run some 9% of their assets.

The Cook County Retirement Board picked Blackstone Alternative Asset Management, Diversified Global Asset Management and Rock Creek Group to serve as the first hedge fund managers for the two Cook County Annuity & Benefit Fund plans.

Blackstone is the biggest beneficiary, getting about $500 million of the $692 million allocations from the Employees' and Officers' Annuity & Benefit Fund and Forest Preserve District Employees' Annuity & Benefit Fund, including the Forest fund's entire allocation. The other two funds of funds will manage satellite portfolios.


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