Wyoming State Loan and Investment Board, Cheyenne, invested an additional $500 million with Grosvenor Capital Management for direct hedge fund investments, said Patrick Fleming, chief investment officer, in an email.
The board, which oversees the state’s $19.5 billion in permanent funds, approved at its April 12 meeting adding $250 million each for discretionary hedge fund investments and non-discretionary hedge fund investments to Silvery Lupine Fund, a customized separate account managed by Grosvenor that originally was created for the board in 2014 for a $300 million investment in four opportunistic credit funds.
The investments will be for the $7.3 billion Permanent Mineral Trust Fund, $558 million Hathaway Scholarship Endowment, $181 million Permanent Land Fund, $20 million University Permanent Land Fund. How much will be invested for each fund could not be immediately learned.
As of Dec. 31, the actual allocation to absolute return in the Hathaway Scholarship fund was 3.8%; in the University Permanent Land Fund, 3.7%; and in the Permanent Mineral Trust Fund and Permanent Land Fund, each was 3.6%.
The board oversees a total of nine permanent funds, including $5.4 billion in state operating funds, which by state law invest in only cash and fixed income.
Investment consultant RVK assisted.