Hedge Funds
The state retirement system also disclosed several private markets commitments at last week’s board meeting.
The fund is looking to invest in artificial intelligence-native hedge funds as it finds the biggest funds have been slow to adapt.
The pension fund hired a new hedge fund manager to replace an underperforming incumbent.
The fund will consider adding an allocation with a new special situation strategy within its portfolio at its April board meeting.
The fund added a commitment to a multi-strategy hedge fund within its endowment in the first quarter.
The retirement system has a 6% target to hedge funds.
The pension plan also adopted a new asset allocation policy for its $141.8 billion Core Trust Fund last month.
The plan will add new firms to its hedge fund portfolio over the next 18 months as it looks to adopt the second version of its strategic partnership program.
The retirement system will consider six commitments totaling $265 million at Thursday’s investment committee meeting.
The retirement system fully redeemed its investment in the manager due to underperformance.