WSJ – A large California pension fund again delayed a vote on whether to invest in hedge funds as its directors weigh a smaller set of commitments than previously disclosed.
On Wednesday, the overseers of San Francisco Employees’ Retirement System considered new proposals from board Chairman Victor Makras to allocate 3% or zero in hedge funds, according to a person who attended the board meeting. The retirement system’s staff countered with a new suggestion of 5%, down from the 15% it endorsed for much of 2014.
