Texas Teacher Retirement System, Austin, invested $300 million in ExodusPoint Partners Fund, a multistrategy hedge fund.
The investment came from system's stable value hedge fund portfolio, which totaled $6.6 billion as of Sept. 30, confirmed Robert Maxwell, a spokesman for the $153 billion fund.
The hedge fund is managed by ExodusPoint Capital Management, which was launched in mid-2018 by co-founder and CEO Michael Gelband, formerly the global head of fixed income at Millennium Management.
ExodusPoint Capital Management was one of the biggest hedge fund launches of 2018 with assets of $4.4 billion from investors including institutional players such as the $50 billion Maryland State Retirement & Pension System, Baltimore, which allocated $300 million, and the $24.7 billion San Francisco City & County Employees' Retirement System, which invested $175 million.
