Massachusetts Pension Reserves Investment Management's investment committee recommended the board commit $100 million to the CCP Core Macro Fund, a hedge fund managed by Cantab Capital Partners.
The $53.9 billion Boston-based pension fund has a 10% target allocation to hedge funds, confirmed Michael G. Trotsky, executive director and chief investment officer, in an e-mail. As of Aug. 31, the actual allocation was 9%. The pension fund had $4.9 billion in hedge fund assets as of Aug. 31
MassPRIM currently has 21 direct investments in hedge funds. Executives expect that number to rise somewhere between 25 and 30 within the next 12 to 24 months, according to Mr. Trotsky.
The board will vote on the Cantab hiring Oct. 18, according to MassPRIM spokeswoman Nicole Giambusso.
