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CalSTRS Launch 3-Year Hedge Fund Pilot Project

New York (HedgeCo.net) – The California State Teachers’ Retirement System (CalSTRS) is looking to hire a hedge fund consultant. CalSTRS said they are seeking a consultant to help select, monitor and assess hedge fund managers for a global macro strategy the fund will be undertaking.

CalSTRS is the second largest public pension fund in the United States. The selected firm will help the $132.5 billion public pension fund initiate, monitor and assess a global macro hedge fund strategy for its new absolute return asset class. The strategy will undergo an incubation period of not more than three years.

CalSTRS staff will work with the consultant to select three to six hedge fund managers who will invest a $200 million commitment in global macro strategies. Within the three-year period, the CalSTRS board will determine whether to expand or terminate the strategy.

During the three-year period, the global macro hedge fund strategy will be part of the innovation portfolio, which is charged with incubating new investment opportunities outside the traditional asset classes that CalSTRS currently uses. The purpose is to try out new investment strategies and to determine their success before committing large dollar amounts to them.

Editing by Alex Akesson
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