Iowa Awards Blackstone, JPMorgan $300M Each

Jul 2 2008 | 2:00am ET

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.”


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