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West Virginia adds $75 million in hedge funds

West Virginia Investment Management Board, Charleston, added two hedge fund managers to its portfolio, according to a financial report.

The board on Dec. 21 funded $50 million to Caxton Associates and $25 million to CommonWealth Opportunity Capital, according to the financial report for December. The type of strategies was not disclosed.

According to the latest annual report for the period ended June 30, the board had $1.59 billion in its hedge fund pool. The allocation ranges for core funds were 25% to 55% relative value, 10% to 40% event-driven, 10% to 40% long/short equity and 5% to 25% directional. The supplemental ranges were zero to 20% long-biased, and zero to 5% for each of private equity, private credit and real assets.

The hedge fund pool’s returns were -4.7% for the fiscal year ended June 30, 3.2% for three years and 3.9% for five years. Multiyear returns are annualized.