CalPERS Allocates $150M To Emerging FoF Manager

Feb 7 2008 | 3:17am ET

The California Public Employees’ Retirement System has allocated $150 million to a minority-focused fund of hedge funds. The investment is first to an emerging manager fund of funds for CalPERS since it unveiled a $1 billion program to invest in them last year.

The nation’s largest pension fund invested in FIS Group, which also manages nine long-only funds, a third of which are run by African-Americans and another third by women.

“FIS will give us access to a larger number of skilled emerging firms to generate solid investment returns and reflect the diversity of the market,” Russell Read, chief investment officer, said.

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