The $24.4 billion Texas Permanent Schools Fund has placed hedge fund manager, K2 Advisors, on watch, HFMWeek reports. The move comes as the $400 million separately managed account, managed by K2, underperformed its benchmarks for three quarters. The fund, at present, allocates a total of $2.46 billion to Grosvenor, Mesirow, K2, Blackstone and GAM, in five separate managed account portfolios. The fund’s board also placed their votes to boost its allocation to Mesirow to at least $300 million from $215 million.
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