The North Carolina House of Representatives yesterday approved...

The North Carolina House of Representatives yesterday approved legislation that gives state Treasurer Richard H. Moore the authority to invest up to 5% of the assets of the $59 billion North Carolina Employees’ Retirement System in alternative investments, and to add private equity and hedge funds to that category. The system now can invest up to 1% of assets in alternatives. The bill earlier had passed the state Senate and now goes to the governor, who is expected to sign it.