Bloomberg – The University of California has increased its hedge-fund holdings by a factor of 10 since 2004, even as the California Public Employees’ Retirement System, the largest U.S. pension, said it’s pulling all $4 billion it had in such investments because they’re too complex and too expensive.
Hedge funds account for $5.6 billion of the university’s $90.7 billion portfolio, which consists mostly of a pension fund and endowments, according to university records. UC had less than $500 million in hedge-fund holdings a decade ago, the records show.
