Friday, 27 May 2016
Last updated 2 hours 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.