Patriot State

Despite losing money in a couple of high-profile collapses, Massachusetts’ PRIT stands by hedge funds.

The Pension Reserves Investment Trust Fund, Massachusetts’ state pension fund, hasn’t had much luck with hedge funds of late. The September 2006 blowup of Amaranth Advisors cost the plan $50 million. Then, when this summer’s subprime market meltdown led to the collapse of Sowood Capital Management, yet a further $30 million vanished from the pension fund’s alternatives portfolio.

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