The $160bn California Public Employees’ Retirement System in Sacramento has reportedly given its board the green light to invest in hedge funds. While no official target has been set, some said the largest pension fund in the US could invest up to US$11.25bn in the investment strategies.
According to a spokesman, CalPERS views hedge fund investing no more risky than private equity and has already agreed to invest $300m with Pivotal Partners Fund, a hedge fund started by two fund managers who had previously worked with CalPERS.

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