The Detroit Policemen & Firemen Retirement System has decided to exit its hedge fund investments according to a report by Pensions & Investments Online.
The report cites official minutes from the pension fund’s investment committee meeting on 19 September as confirming the decision to eliminate the hedge fund class completely from its investment strategy. No reason was given for the change.
The $2.8 billion pension fund’s most recent annual report reveals that as of 30 June, 2021, its target allocation to hedge funds was 5%.
