NYC pension funds near goal of $3.5 billion in hedge fund investments

From pionline: The New York City Retirement Systems is transitioning from fund of funds to direct hedge fund investments …The New York City Retirement Systems is two-thirds of the way toward completing investment of a $3.5 billion hedge fund portfolio on behalf of three of the city's five pension plans.

Once the remaining $1.2 billion is invested directly in single-strategy hedge funds — likely by the end of this year — the four-person hedge fund investment team in New York City Comptroller John C. Liu's office will tackle dismantling the $450 million in a commingled hedge fund of funds managed by New York-based Permal Group and reinvesting that money directly in hedge fund strategies….

http://www.pionline.com/article/20130218/PRINTSUB/302189968/nyc-pension-funds-near-goal-of-35-billion-in-hedge-fund-investments#