
Villa, formerly chief investment officer of the Florida Division of Investments, was pleased in 2008 when the Wisconsin state legislature passed a law allowing the board to invest in hedge funds, a change he had pushed for. With economic conditions worsening, however, Villa did not rush into the asset class, and his caution paid off. Now, two years later, he and his team are implementing an ambitious hedge fund strategy, bypassing funds of hedge funds and investing directly in single-manager firms.
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