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Calpers removing entire US$4b put in hedge funds

Investment vehicle is too expensive and complex, says US pension fund

Changing focus: While Calpers was one of the earliest pension funds to invest in hedge funds, it has lagged behind many of its peers in increasing investments. - PHOTO: BLOOMBERG

[SACRAMENTO] The California Public Employees' Retirement System (Calpers) plans to divest the entire US$4 billion that it invested with hedge funds, saying they're too expensive and complex.

The decision to eliminate 24 hedge funds and six hedge fund-of-funds, isn't related to the...

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