Houston Municipal Employees Pension
Houston Municipal Employees to Add More Hedge Funds
The Houston Municipal Employees Pension System is well on its way towards making its new hedge fund allocation plan a reality.
The $2.1 billion public pension fund has allocated $31 million to the four hedge funds making up the first "tranche" of its "absolute return implementation plan," approved last year. Now, Houston has begun talks about the second tranche of the three-part plan, which could add 15 hedge fund managers and spend $80 million this year.
The first four hires, made earlier this year, are Anchorage Advisors, Davidson Kempner Capital Management, Oz Management and Paulson & Co., HFMWeek reports.
The pension is focusing on single-manager hedge funds, although Houston told HFM last year that it may hire some non-hedge fund multi-strategy managers.Source