CalPERS portfolio managers have begun cutting the system’s $5.3 billion hedge fund allocation in half, signaling a shift away from the asset class for the nation’s largest defined benefit plan, say multiple sources familiar with the pension plan’s operations.
The $289.1 billion California Public Employees’ Retirement System’s hedge fund program has been under review by top investment staff since January, spokesman Joe DeAnda confirmed in an interview with Pensions & Investments.
