West Virginia Investment Management Board, Charleston, invested an additional $40 million and redeemed $9 million in hedge funds since April, said a financial report from the $16.9 billion board, which manages $13.2 billion in pension assets.
In multistrategy funds, West Virginia added $20 million to the Hudson Bay International Fund, managed by Hudson Bay Capital Management, increasing the total to $60 million, said the May 31 financial report. The board also added $10 million each to CQS Diversified Fund’s SPC II, bringing the total to $96.8 million, and the Tenor Opportunity Fund, managed by Tenor Capital Management Co., increasing it to $50 million.
West Virginia also redeemed $9 million from MW Eureka Fund, reducing the equity long/short strategy managed by Marshall Wace to $46 million.
As of May 31, the board had $1.64 billion in its hedge fund pool. Of that, $987 million was in multistrategy funds, $220 million in equity long/short funds, $186 million in directional funds, $74 million in relative value, $70 million in short-term issue, $58 million in event-driven investments and $44 million in long-biased funds.
Officials at the board could not be reached for additional information.