Friday, 31 July 2015
Last updated 31 min ago
Sep 14 2012 | 10:44am ET
Pennsylvania's main public pension fund has hired Albourne America to help it restructure its fund of hedge funds portfolio.
The $25 billion Pennsylvania State Employees' Retirement System has decide to replace its absolute return portfolio with what it calls a "diversifying assets" program. Part of that plan is moving its hedge fund money to customized separate accounts run by fund of funds firms, Pensions & Investments reports.
Albourne beat out Grosvenor Capital Management and NEPC for the mandate.
PSERS also committed an additional $60 million to two private equity funds it had previously hired. Advent International's GPE VII fund received a second $50 million and BPG Investment Partnership IX $10 million on top of the initial $15 million.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…