Alaska Permanent Fund Corp., Juneau, invested $100 million in a hedge fund managed by Pharo Management, said a spokeswoman for the $55.4 billion sovereign wealth fund, in an e-mail.
Further details on the strategy could not be learned by press time. However, Pharo specializes in emerging markets strategies.
The sovereign wealth fund is in the process of building out a portfolio of direct hedge fund investments while it redeems its $2.5 billion total investment with hedge funds-of-funds managers Crestline Investors, Mariner Investment Group and Lazard Asset Management.
As of Sept. 30, the direct hedge fund portfolio had seven managers and a net asset value of $1.1 billion.
