Kansas City (Mo.) Police Employees’ Retirement Systems hired Grosvenor Capital Management to run a $91 million hedge fund-of-one customized separate account, said Jim Pyle, pension systems manager, in a telephone interview.
Grosvenor will run $79 million for the $763 million the Police Retirement System of Kansas City and $12 million for the $117 million Civilian Employees’ Retirement System of the Police Department of Kansas City.
Funding comes from the redemption last summer of the hedge fund-of-funds portfolio managed by SSARIS Advisors. Mr. Pyle said the pension funds decided to move away from traditional hedge funds of funds and move to a hedge fund of one, a fund-of-funds portfolio in which KCPERS is the only investor.
Investment consultant R.V. Kuhns & Associates assisted.
