WSJ – The California Public Employees’ Retirement System is no longer a fan of hedge funds. I never was. But our reasons aren’t exactly the same.
With $295 billion in assets, Calpers discovered the challenge of finding great hedge funds and not overwhelming them with size. It had invested just $4 billion in this asset class–hardly enough to “move the needle” and, in its view, hardly worth the effort given the complexity and high cost.
