2014-09-17 — nytimes.com
Hedge funds were once the domain of the rich. Today, it is the teachers, firefighters and other public employees in the country's biggest pension funds who are among the industry's main investors.
So when the California Public Employees' Retirement System, the nation's largest pension fund, said on Monday that it planned to eliminate all $4 billion of its hedge fund investments over the next year, the industry took note.
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