The average allocation to hedge funds by Tennessee's institutional investors was about 25% at the end of May, according to data from Preqin. There are 50 total institutional investors in the Volunteer State, a relatively low number compared to the rest of the lower 48; among the top 20 states by hedge fund allocation, only Wisconsin has a lower number of institutions at 31.
New York and Connecticut followed with average allocations of 21% and 19%, respectively. New York has by far the largest number of hedge fund managers (1,284) and institutional investors (591).
