The California Public Employees' Retirement System is fueling the expansion of one of the fastest-growing hedge funds in Asia.
The U.S.'s largest public pension fund has invested about $100 million with Double Haven Capital. The move boosts the Hong Kong-based firm's assets to over $710 million, up from $415 million at the beginning of the year and just $160 million 18 months ago.
"Large institutional investors are recognizing the growth potential in the Asian credit space," Double Haven founder Greg Donohugh told Reuters.
The CalPERS mandate is at least the second big institutional allocation won by Double Haven this year; it received a $200 million investment in January to launch a new long-only strategy. The deal followed Double Haven's acquisition last year of hedge-fund platform DragonBack Capital.
Double Haven was spun off from Sparx Group in 2011.