‘Red Flags’ Surround CalPERS Costly Hedge Fund Gamble

The California Public Employees’ Retirement System yesterday announced plans to end its ill-conceived, twelve-year costly gamble on hedge funds. The pension will divest the entire $4 billion it had speculated in 24 hedge funds and six hedge fund-of-funds. Assuming that each of the six hedge fund-of-funds invested in perhaps a [...]