Lincoln (Neb.) Police & Fire Pension Fund hired Blackstone Group to manage $10 million in a hedge fund of funds, said Paul Lutomski, pension officer.
The $216 million pension fund has not had any hedge fund-of-funds managers since terminating J.P. Morgan Asset Management in 2012.
At the time, the pension fund under its previous investment consultant had decided to leave hedge funds. Now, investment consultant Watershed Investment Consultants has recommended getting back into the asset class.
Funding comes primarily from reducing equity investments; Mr. Lutomski did not have specific information on the reductions.