New York City Employees Retirement System (NYCERS) has awarded a $250 million mandate to hedge fund-of-funds manager, Permal Group, Pensions & Investments reports. The commitment will be made from the NYCERS Opportunistic Equity portfolio.

The appointment was recommended by the city comptroller’s office. The $39.6 billion city employees fund has not specified a hedge fund target allocation. The New York City Police Pension Fund committed $150 million to Permal earlier in March.

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