The fund of hedge funds search is over for the Iowa Public Employees Retirement System. The $22.6 billion plan’s investment board has approved hiring funds of hedge funds Blackstone Alternative Asset Management and JP Morgan Alternative Asset Management.
Each firm will get $300 million, with funding taking place over a two-to-three-year time horizon. The other finalists were Gottex Fund Management, Investcorp and Northwater Capital Management.
IPERS issued a request for proposal on August 1 to “evaluate low volatility fund of hedge funds products suitable for use in a portable alpha program.”