Sunday, 26 June 2016
Last updated 1 day ago
Apr 11 2012 | 12:50pm ET
The Massachusetts Pension Reserves Investment Management Board is looking for a little help in its big transition from funds of hedge funds to direct hedge fund investing.
The $49.8 billion public pension plans to move some $2.8 billion from four funds of funds to its direct program over the 15 months. And now it's issued a request for proposals for transition management services.
Interested parties have until Monday at 3 p.m. to submit their proposal. MassPRIM and its consultant, Cliffwater, will pick a manager by the end of the month, Pensions & Investments reports.
The MasPRIM board earlier this month voted to redeem its investments from Arden Asset Management, Grosvenor Capital Management, K2 Advisors and Rock Creek Group. When the transition is complete, in July 2013, MassPRIM will have only one fund of hedge funds manager, Pacific Alternative Asset Management.