Boldness and innovation are not two concepts typically associated with pension funds. For PGGM, a Dutch pension fund administrator, originality is at the heart of its direct hedge fund investment programme.
Last autumn PGGM announced it was moving all its investments in hedge fund strategies to a dedicated managed account platform and would no longer access strategies through funds of hedge funds (FoHFs).
How it came to this decision is a story common to many disillusioned institutional investors
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