Three of the five pension funds of the $115.2 billion New York City Retirement Systems made first-time direct investments in hedge funds totaling $900 million, said Michael Loughran, a spokesman for John C. Liu, New York City comptroller, who oversees investment of the city's pension funds.
Global macro manager Brevan Howard Asset Management and multistrategy manager D.E. Shaw Group each got $350 million; Brigade Capital Management, a credit specialist, got $200 million.
In an e-mail, Mr. Loughran said he could not provide information about the specific hedge funds.
As of March 1, the pension system had $1.35 billion invested in hedge funds and funds of funds; the three participating pension plans have set aside $3 billion total, he said.
The $39.1 billion New York City Employees Retirement System now has $194 million each invested with Brevan Howard and D.E. Shaw, $111 million invested with Brigade Capital and $250 million invested with hedge funds-of-funds manager Permal Group.
The $23.5 billion New York City Police Pension Fund has $117 million each invested with Brevan Howard and D.E. Shaw, $67 million invested with Brigade Capital and $150 million with Permal Group.
The $7.6 billion New York City Fire Department Pension Fund has $39 million each invested with Brevan Howard and D.E. Shaw, $22 million with Brigade Capital and $50 million with Permal Group.