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Calpers Board approves increase in hedge fund allocation

The California Public Employees Retirement Plan (Calpers) is increasing its allocation to hedge funds to a maximum of US$3.2 billion from its current level of around US$1 billion.

Calpers is the largest US pension plan with approximately US$130 billion under management as of 31 March.

Calpers' investment committee approved the new target earlier this week as part of a reorganisation of its allocation to global equities.

A spokesperson for Calpers told Hedgeweek: "Basically two things happened at the Calpers Board meetings this week.  On Monday, our Board approved an annual plan for our Global Equity asset class for the next fiscal year.  As part of that plan, our staff intends to increase hedge funds to 2-4 percent of our total equity which is about US$80 billion."

The spokesperson added: "Currently, we have US$1 billion committed to hedge funds and have invested about half that amount. One billion on an eighty billion portfolio means we have a little more than 1 per cent allocated to hedge funds right now."

This means that Calpers had previously set aside US$1 billion for hedge funds, this figure will now rise to US$3.2 billion if fully allocated.

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