Ohio School Employees Retirement System, Columbus, plans to increase its direct hedge fund investment program to 9% of assets from 6%, said Robert G. Cowman, the $9.5 billion plan's director of investments.
Mr. Cowman said he anticipates that most of the increase will go to the system's existing hedge fund managers by June 30, the end of its fiscal year, but he did not rule out the addition of more direct hedge funds.
The system has direct hedge fund investments with more than 30 managers, including Regiment Capital Management, King Street Capital, Bridgewater Associates and Viking Global Investments, according to the fund's latest annual report.
In March, system trustees increased the fund's hedge fund hard cap target to 15% with a 10% to 20% range, from 10% with a range of zero to 10%.
Mr. Cowman said the latest investment plan is designed to bring the fund closer to the new target. Funding is coming from the fund's equity portfolio.
Hedge fund consultant Aksia will assist.