State of Wisconsin Investment Board, Madison, allocated $100 million to Capula GRV Fund, its first direct investment in a hedge fund, according to Vicki Hearing, public information officer.
Funding for investment by the board, which oversees $83.3 billion, will come from cash. Capula “invests in fixed-income and currency arbitrage and relative-value opportunities in the most liquid G3 countries,” the U.S. European and Japanese markets, Ms. Hearing said in an e-mail.
SWIB is negotiating with other candidates and is continuing its search for other hedge funds in its plan to allocate 2%, or $1.4 billion, of its $73.5 billion core fund to hedge funds. It contemplates hiring 15 to 20 managers.
No RFP was issued; managers could contact Cliffwater, the board's hedge fund consultant, for inclusion in the search.