The biggest chunks of money flowing into hedge funds are coming not from pension funds, but from endowments, according to a study by Greenwich Associates. The report found that U.S. corporate pension funds allocated only 0.9% of their assets to hedge funds, and public pensions funds just 0.7%. But the U.S, endowments plunked down an average 12.3% of their funds into HFs, with the larger ones putting in even more. According to Greenwich, endowments with more than $1 billion are investing upwards of 19% of their assets with hedgies. The pension plans’ small investments, the study suggests, are partly explained by hedge funds’ traditional lack of transparency and pension funds’ fear poor results as a result of not finding the best managers. On the other hand, hedge funds have bucked pension bucks not only because they refuse to be more transparent, but because they afraid that those large sums may make the fund “less nimble in trading.” More appealing to pension funds are private equity and real estate, in which they have invested 3.6% and 3.9% of their assets, respectively.