The Texas Employees Retirement System (ERS) has approved a plan to invest $6.2 billion in alternative asset classes, Pensions & Investments reports. The commitment will be the first hedge fund investments for the $23.2 billion fund. Texas ERS will allocate 5% of plan assets to hedge fund managers in direct investments over the next three years. About one-third of the system’s hedge fund portfolio will be in core investment strategies and two-thirds will be in satellite strategies.
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