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West Virginia Ups Hedge Fund Investment, Hires Pershing and AQR

West Virginia’s main public pension manager has increased the number of managers in the West Virginia Investment Management Board of Retirement’s portfolio to 25 reports FINAlternatives. WV is the latest public entity to up its hedge fund investment. The Illinois Teachers’ Retirement System increased its hedge fund investment recently, amongst others.


WV Hires Pershing Square Capital Management

West Virginia allocated roughly $30 million to Bill Ackman‘s Pershing Square International. HFMWeek reports “Pershing Square International, run by Pershing Square Capital Management, based in New York, was hired because of its ability to “invest in long and short investment opportunities that exhibit significant valuation discrepancies between current trading prices and intrinsic business value.” Under the terms of the investments, there will be a hard lock-up until September 2013, then quarterly redemptions with 65 days’ prior written notice.

WV Also Adds AQR Capital Management to its Portfolio

West Virginia allocated $40 million to Cliff Asness’ AQR Capital Management. HFMWeek writes, the state’s investment in “AQR Delta Offshore Fund II, which does not come with a lock up period, was hired to produce high, risk-adjusted returns while targeting a low, long-term correlation to traditional markets.”

The news of these new allocations comes just weeks after the state announced “a$30m allocation to Graham Global Investment Fund, designed to broaden the pension’s  exposure to derivatives.”

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