Texas Pension Picks First Hedge Funds

Aug 22 2012 | 11:52am ET

The Texas Employees Retirement System has committed up to $405 million to its first hedge fund managers.

The $21.2 billion public pension fund approved its first-ever mandates and has already handed out $300 million to four funds. It plans to hire another eight to 12 managers in its next fiscal year, which begins next month.

The pioneers of the Lone Star State pension's hedge fund program are Arrowgrass Capital Partners, MKP Capital Management, Southpaw Asset Management and Claren Road Asset Management. TERS committed $80 million to each firm, which will put the pension's money to work in multi-strategy, macro, event-driven and relative value funds, respectively.

The Texas system also hired Aspect Capital and Walker Smith Capital, but has yet to fund those commitments of $35 million and $50 million, respectively. It also has yet to fund $20 million of its commitment to MKP, Pensions & Investments reports.


In Depth

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...