Thursday, 25 August 2016
Last updated 47 sec ago
Aug 20 2014 | 6:10am ET
A $26.1 billion Texas public pension fund is on the hunt for up to four new hedge fund managers.
The Texas Employees Retirement System plans to put up to $1 billion in the new funds, which will be part of its directional growth portfolio. The pension’s separate $1.1 billion absolute return portfolio will be unchanged.
The hires will come during TERS’ next fiscal year, which begins on Sept. 1, it said at a meeting yesterday.
TERS lowered its private-equity target from $1.25 billion this fiscal year to $950 million next. The pension plans to retain most of its existing managers and to make between six and 10 new fund and co-investments.