Texas Municipal Retirement System, Austin, hired Blackstone Alternative Asset Management to run $1.1 billion in a customized hedge fund-of-one strategy, confirmed spokesman Bill Wallace.
It is the $22.4 billion pension fund's first hedge fund investment and makes up the entire 5% allocation to the asset class. Funding is coming from rebalancing.
Investment consultant R.V. Kuhns & Associates initiated the shortlist search in September.