Ohio Police & Fire Pension Fund, Columbus, will consider a hedge fund allocation, including portable alpha strategies, as part of a 30-year funding plan the system will present to the Legislature in 2007. State law requires the fund to come up with a funding plan "that demonstrates our ability to stay up and running for 30 years," said William Estabrook, executive director of the $10 billion fund.
The fund is considering hedge funds to "ensure that we have a strong alpha process," Mr. Estabrook said. There is no timeframe for a decision on whether to invest in hedge funds, but the board will discuss the idea at its meetings in September and December.
Additionally, "some adjustments will be made to our investments," he said, although he couldn't provide any details. "The Senate would like us to be at 100% (funding), but right now our funding level is not giving us heartburn," Mr. Estabrook said. The plan's funding level is currently 86.1%.