Virginia Retirement System, Richmond, hired Coatue Management for a $400 million long/short equity hedge strategy, according to a report presented at the $85.1 billion pension fund's board meeting Tuesday.
The allocation came from cash.
The system's asset allocation as of Sept. 30 was 35.7% public equity, 16.3% fixed income, 13.8% credit strategies, 13.5% private equity, 13.4% real assets, 2.9% public multiasset strategies, 1.7% private investment and the remainder in cash.
