Detroit Policemen & Firemen Retirement System is exiting hedge funds.
The $2.8 billion pension fund's investment committee approved the elimination of the pension fund's hedge fund asset class at its Sept. 19 meeting, recently released meeting minutes show.
The minutes did not provide a reason for exiting the asset class.
As of June 30, 2021, the target allocation to hedge funds was 5%, according to the pension fund's most recent available annual report.
Kelly Tapper, the pension fund's assistant executive director, did not reply to requests for further information.
