Philadelphia Board of Pensions and Retirement is seeking to redeem investments in two credit-focused hedge funds, said Brad Woolworth, deputy chief investment officer for the $4.5 billion pension fund.
The board plans to redeem its holdings in Caspian Select Credit International and Beach Point Total Return Fund over concerns around the market correlation of the funds.
As of May 31, the pension board had $42.8 million in the Caspian Capital fund after already redeeming $10 million; and $49.8 million in Beach Point Capital Management's fund.
Redemptions are scheduled to take place Sept. 30 with payouts expected at the end of October.
