State-Boston seeks hedge funds of funds

State-Boston Retirement System is searching for hedge fund-of-funds managers to run up to $280 million, with a maximum allocation of $80 million per manager, confirmed Robert Tierney, executive officer. The $4 billion pension plan has about $140 million invested in hedge funds and is trying to get closer to its target allocation of between 5% and 7% of assets. Plan officials have not decided how many managers will be added. Funding will come from a general redistribution of assets. New England Pension Consultants is assisting. The RFP is available on the Massachusetts Public Pension Forum’s website at http://mppf.org/searches.htm. Proposals are due by 4 p.m. EDT May 31; there is no specific timeline for a selection.