The $26 billion South Carolina Retirement System Investment Commission has doubled its allocation to Avenue Capital Management, Pensions & Investments reports. The New York-based hedge fund’s commitment was increased by up to $250 million.
Additionally, the pension fund combined two existing commitments of DE Shaw Group that totaled $450 million and added another $300 million. The retirement system has also extended the term of its investment consultant NEPC. The contract will now mature by the end of June 2012.
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