Pension funds in Illinois back out of hedge funds
The hedge fund industry has suffered another significant blow, as pension funds in both Illinois and New York report that they are trimming their investments in the area. The Illinois State Board of Investment and the New York State Common Retirement Fund have both cut back significantly on their hedge fund allocations, according to a report by Bloomberg. Neither of these two funds is the first to make a move like this: Rhode Island, New Jersey, and other major pension funds have all either cut back on their hedge fund bets or eliminated hedge funds from their pools entirely in recent months.
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