The San Francisco City and County Employees’ Retirement System’sboard has voted 6-1 to move 5 percent of its $20 billion fund intohedge funds.
It’s a win for hedge fund proponents, sort of. Last year,some of the fund’s staffers were pitching a 15-percentallocation.
That recommendation, however, drew the ire of participantsin the plan, who voiced their concern over hedge funds’ high feesand secrecy. CalPERS’decision to divest its entire hedge fund allocation inSeptember – $4 billion worth of investments – fueled the debateover the appropriateness of hedge fund allocations in retirementfunds.
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