CalPERS To Add Event-Driven, Increase Macro, Market-Neutral

Feb 26 2013 | 1:03pm ET

The California Public Employees Retirement System plans to rejigger its hedge fund portfolio with the addition of event-driven strategies and a major new emphasis on global macro.

The public pension fund, the biggest in the U.S. with $254.5 billion in assets, plans to add a 5% weight within its hedge fund portfolio to event-driven, up from nothing, and to quintuple its global-macro weight to 10%, Bloomberg News reports. CalPERS has about $5 billion invested in hedge funds.

The pension will also boost its target allocation to long/short equity to 15% from 11% and to equity-market neutral to 10% from 3%. To fund the changes, it will slash its fund of hedge funds target from 19% to just 5%.


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