Arizona Public Safety Personnel Retirement System, Phoenix, committed up to $60 million to Southpoint Qualified Fund, a long/short equity hedge fund managed by Southpoint Capital Advisors, confirmed James Hacking, administrator of the $6.5 billion system.
Funding comes from reducing a passive domestic equity portfolio managed by State Street Global Advisors, leaving it with about $790 million.
The commitment to the Southpoint fund is part of the system's overall move to active and enhanced strategies from a purely passive approach.
Separately, the system committed up to $10 million to Real Estate Capital Asia Partners III and up to €8 million ($9.8 million) to Patron Capital IV, a real estate fund.
