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N.Y. Pension Aims $1 Billion at Hedge Funds

Date: Wednesday, November 4, 2009
Author: New York Times

The New York State Pension Fund is pouring money back into hedge funds, planning to invest more than $1 billion by the end of the year, Crain’s New York Business reported.

The pension fund recently closed a $50 million investment in Diamondback Capital and has several more hedge fund deals expected to close by 2010, a spokesman for state Comptroller Thomas DiNapoli told the publication.

The investments will be made directly into hedge funds, rather than a fund of hedge funds.

In June, Mr. DiNapoli said the pension fund, which declined 26.3 percent for the year that ended March 31, had suffered “the worst year in anybody’s memory.”