HFMWeek: The $42.3bn Teachers’ Retirement System of New York has shelved plans to invest in the hedge fund space, HFMWeek has learned.
The investment board, which has been discussing potential changes to the retirement system’s asset mix, had previously been considering allocating 3% to the space, which would have allowed the fund to invest over $1bn to the sector.
However, hedge funds have not been included in final asset allocation recommendations, a member of the investment board confirmed at a meeting earlier this month, stating that the decision was “based on feedback [the board had received] from various discussions on this topic”.
