Pa. Pension Picks Albourne For Fund Of Funds Plan

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.

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