Iowa Set For $600 Million Fund Of Hedge Fund Search

Jun 29 2007 | 11:19am ET

The $20 billion Iowa Public Employees Retirement System will issue a request for proposals on Aug. 1 for fund of hedge funds managers as the final stage of the system’s portable alpha program implementation.

The system is looking to “evaluate low volatility fund of hedge funds products suitable for use in a portable alpha program,” according to Julie Economaki, a spokeswoman. It may commit as much as $600 million to the new mandate.

As part of the system’s portable alpha program, IPERS’ investment board this week approved the recommendation of the evaluation committee to hire Mellon Capital for its global multi-strategy, multi-asset class portable alpha mandate. It is estimated that the mandate will be approximately $400 million.


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