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Hedge Fund Rising Stars: Wai Yee Cheng

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Wai Yee Cheng
Texas Treasury
Safekeeping Trust Co.

Wai Yee Cheng joined Texas Treasury Safekeeping Trust Co. in May 2010 from Irvine, California–based fund-of-hedge-funds firm Pacific Alternative Asset Management Co., where she was an associate director. Today Cheng, 37, helps oversee hedge fund investments at $54 billion Texas Treasury, a quasigovernmental entity that manages various trusts and endowments for the state. In recent years the Austin-based organization has been rebuilding its hedge fund portfolio. Its $3.1 billion endowment devotes as much as 40 percent of total assets to hedge funds. Besides deploying them in its equity and fixed-income portfolios, the endowment invests in risk parity — an allocation strategy that targets different risk levels across equities, commodities, currencies and credit to reduce overall portfolio risk and volatility — through Westport, Connecticut–­based Bridgewater Associates’ All Weather fund.