Calpers increases hedge fund exposure

Sacramento-based California Public Employees' Retirement System (Calpers) has announced plans to increase the size of its hedge fund investments to as much as $4 billion by the end of this year.

The increase in Calpers' exposure to hedge funds, which totalled $3.6 billion as of October 3 this year, will also extend the fund's direct investment into hedge funds - to date, it has invested heavily in the sector through funds of hedge funds.

Calpers, which oversees a $220 billion retirement scheme

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