Reuters – The giant New York State Common Retirement Fund has invested $250 million with emerging markets manager Finisterre Capital in a further sign pension plans are backing hedge funds despite losses during the credit crisis. The $126 billion fund (NYSCRF), the third largest pension plan in the United States and already an investor with Finisterre, has provided the seed capital for the Finisterre Emerging Markets Fund, a feeder into Finisterre’s three existing hedge funds.
NYSCRF’s investment will be locked up for two years, although it will be able to shift weightings between the three funds every quarter.
