Monday, 30 May 2016
Last updated 2 days ago
Dec 14 2012 | 10:44am ET
The Los Angeles County Employees' Retirement Association has nearly doubled its investment with fund of hedge funds Grosvenor Capital Management.
Grosvenor set up a customized portfolio for the $39.8 billion pension fund a year ago, to which LACERA initially committed $250 million. Now, the pension has added $200 million to that fund of funds, Pensions & Investments reports.
The move comes as LACERA considers whether to hire additional funds of hedge funds as it seeks to reach a 3% hedge fund allocation target. The pension currently invests just 0.7% of its assets with hedge funds.