Jackson Health System dives into hedge fund of funds

Jackson Health System Public Health Trust’s pension fund committee recommended hiring Blackstone Group to run about $29 million in its Blackstone Partners Fund, a hedge fund of funds, confirmed Jackson spokesman Ed O’Dell.

The Miami-based trust board’s fiscal committee also will vote on the recommendation in March before it goes for full board approval.

The $576 million defined benefit plan recently added a first-time 5% allocation to hedge funds of funds. Grosvenor Capital Management and Prisma Capital Partners also were finalists.