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Texas Pension Bets Bigger on Hedge Funds as Others Back Away

(Bloomberg) Texas, which has long prided itself on independence, is bucking the national trend on hedge funds. As large pension funds across the U.S. shy away from hedge funds because of concerns over high fees and mediocre returns, the Texas County & District Retirement System injected $100 million into Putnam Bluescale Fund LP on Nov. 1, data on its website shows. The $28.6 billion system reported having $6.26 billion invested in hedge funds as of Sept. 30, with about half a billion allocated this year.

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