CalPERS adds $1 billion to its bet on hedge funds

Date: Monday, March 5, 2007
Author: Mark Anderson, Silicon Valley / San Jose Business Journal

The California Public Employees' Retirement System is planning to boost its investment in hedge funds by more than $1 billion -- as long as it can be done without excessive risk.

The pension fund has $4.3 billion in hedge funds, representing 1.9 percent of its overall portfolio as of Dec. 31. CalPERS plans to increase that to 3 percent of the portfolio over the next three years. That would represent $6.8 billion of the current portfolio, a shift of $1.5 billion.