Pensions & Investments – CalPERS is boldly going where no pension fund has gone before with hedge funds.

The $175 billion California Public Employees’ Retirement System, Sacramento, will be the first pension fund to move its $4.6 billion portfolio of 26 direct hedge funds to separately managed vehicles (managed accounts in hedge fund parlance) from commingled hedge funds, according to sources.

The proposed creation of a CalPERS-owned multistrategy hedge fund that will provide an incubation platform for promising emerging hedge fund managers is another first among pension funds, industry observers said.

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