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Mar 20 2013 | 12:10am ET
The Employees Retirement System of Texas is set to hire as many as a dozen hedge funds over the next five months, awarding mandates worth up to $600 million.
The $23.2 billion pension hopes to fill much of its 5% hedge-fund target by the end of its fiscal year on Aug. 31, Pensions & Investments reports, and its staff is "on target" to do so, spokeswoman Mary Jo Wardlow told P&I.
Some of the eight to 12 new managers have already been hired, and ERS said that it is already engaged in "late-phase due diligence with a number of equity long/short and equity market-neutral managers." Wardlow told P&I that show could not identify the pension's new managers until May 21.
Still, it isn't too late for firms to be considered for the $400 million to $600 million in new money ERS plans to spend on hedge funds. There's no request for proposals and interested parties can apply directly through ERS' Web site.
ERS began investing in hedge funds last year, hiring six managers to handle $300 million.