Massachusetts Pension Reserves Investment Management (MassPRIM) will appoint Cliffwater as direct hedge fund consultant, Pensions & Investments reports. Cliffwater will advise the $49.5 billion system on a $500 million pilot program to invest directly in hedge funds.
The system will fund the pilot program by reducing allocations to its five hedge fund-of-funds managers, Arden Asset Management, K2 Advisors, Grosvenor Capital Management, Pacific Alternative Asset Management and Rock Creek Group. Cliffwater was chosen as the consultant from among eight firms.
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