The $64 billion Pennsylvania School Employees' Retirement System (PSERS) approved an $80 million investment with Capstone Investment Advisors.
Capstone is the first external manager to handle half of the tail risk mitigation strategy policy that was approved by the board in November 2020. The primary purpose of tail risk mitigation is to provide a level of protection against large equity drawdowns, according to a staff memo.
The Capstone Commonwealth Fund will receive annual re-ups going forward as part of the program. The pension fund’s investment is within the global multi-strategy hedge fund . . .
Continue Reading
Unlock this article instantly, along with the rest of our premium content and benefits including daily/weekly/monthly newsletters.
[rpt name="main"]