2009-04-20 — pionline.com
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.
This appears to be smart, or at least not particularly stupid, which is uncharacteristic for CALPERS.
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