CalPERS pulled out of MPM BioEquities, a long-short hedge fund focusing on small and midsize biotech stocks. The $205.8 billion California Public Employees' Retirement System, Sacramento, redeemed $44.9 million from the hedge fund from April through June, according to records released this week by the pension fund.
Kurt von Emster, an MPM partner who oversees the $200 million biotech fund, said CalPERS — a seed capital investor when the fund was launched in 2001 — has been redeeming its position over the past three years because the pension fund no longer invests in specific sector hedge funds. CalPERS officials declined to provide further comment, according to spokesman Clark McKinley.
Separately, CalPERS informed H.J. Heinz Co., Pittsburgh, that the fund will vote its 1.66 million Heinz shares — roughly 0.5% of the company's total stock — to re-elect all 12 members of the Heinz board of directors, confirmed Brad Pacheco, spokesman for CalPERS.