Indiana Public Retirement System, Indianapolis, invested $60 million in D.E. Shaw Multi-Asset Fund, an absolute-return hedge fund, according to an investment report presented at the pension fund's Sept. 13 board meeting.
The hiring was funded by redemptions totaling $105 million from absolute-return hedge funds managed by Advent Capital Management, Elm Ridge Capital Management and Brookside Capital Partners. The remaining $45 million was added to an existing investment in a fund of funds run by Blackstone Alternative Asset Management.
The redemptions were made because of “the ongoing changes to the investment strategy in the absolute-return portfolio,” according to Jeff Hutson, spokesman at the $28.3 billion pension fund.
Separately, INPRS committed $50 million to Panda Power Fund II B, a private equity energy-sector fund managed by Panda Power Funds, according to the report.
The pension fund also took Leading Edge Investment Advisors, which manages $160 million in active domestic large-cap equities, off of its watchlist, according to the report. The strategy has outperformed its benchmark over three years.
