CalPERS Expected To Reduce Hedge Fund Investments

CalPERS is expected to reduce its hedge fund investments by 40% this year -- bringing such investments to $3 million -- as it moves toward a "back-to-basics approach," according to an individual familiar with the move. The change could influence how other public pensions across the country invest in hedge funds, observers say.

• "CalPERS Pulls Back From Hedge Funds" (Fitzpatrick, Wall Street Journal, 7/23).