New York State Nurses Association Pension Plan, Albany, hired Corbin Capital Partners to run $75 million in a hedge fund of funds.
The hire is the $2 billion Taft-Hartley plan's first hedge fund-of-funds investment and is the culmination of a two-year search process, Russell M. Niemie, the plan's CIO, said in an interview.
The fund may put more in Corbin's funds later this year, Mr. Niemie said. He wouldn't say how much money would be allocated.
Mr. Niemie said the fund is in the process of adding additional hedge fund-of-funds managers but would not identify them until final contracts are signed or elaborate further on the overall hedge fund allocation.
