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South Carolina to overhaul $5.5 billion hedge fund portfolio

Pensions & Investments – South Carolina Retirement System Investment Commission over the next nine months will restructure the $5.5 billion hedge fund portfolio it oversees for the $27.3 billion South Carolina Retirement Systems.

Under a new asset allocation effective July 1, the target for hedge funds will be reduced to 15% of total assets from 20% and the funds themselves will be recategorized, said Hershel Harper Jr., chief investment officer of the commission. The 5% of assets freed up by the reduction will be moved to other asset classes.

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