CHICAGO — CalPERS won't add more than $1 billion to its hedge fund allocation, said Sean Harrigan, president. "Our board is a little nervous about it."
"The $1 billion (CalPERS now has invested in hedge funds), out of $150 billion (in total assets), isn't much. But I don't think it will go much higher." He didn't elaborate.
Mr. Harrigan, president of the California Public Employees' Retirement System, Sacramento, spoke at a National Association of Securities' Professionals forum in Chicago on Sept. 18.
Lehman Brothers adds Crossroads fund-of-funds firm
NEW YORK — Lehman Brothers Holdings Inc. is buying The Crossroads Group, a Dallas-based private equity fund-of-funds manager. Terms were not disclosed. Crossroads will become part of Lehman Brothers' Private Equity Division, headed by Michael Odrich. Brad K. Heppner will remain Crossroads chairman and CEO. The acquisition will increase Lehman Brothers' private equity assets under management to $7 billion from $5 billion.
Most of Crossroads' 55 employees are expected to stay on.