Illinois Pension Boosts Hedge Allocation, Cans Two, Adds To Three

Oct 28 2013 | 9:45am ET

The Illinois State Board of Investments is pouring more of its money into hedge funds—but that hasn't helped two of its now-former managers.

The $13.4 billion public pension fund increased its hedge-fund allocation to 10%, Pensions & Investments reports. At the same time, it's parted ways with two hedge funds due to performance issues.

ISBI terminated Credo Capital Management and IronBridge Capital Management, according to P&I. The two firms managed more than $150 million for the pension.

That money was turned over to three funds of hedge funds, Entrust Partners, Mesirow Advanced Strategies and Rock Creek Group. Entrust's allocation rose from $411 million to $502 million, Rock Creek's from $425 million to $502 million and Mesirow's from $271 million to $335 million.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...