Pension funds’allocations to hedge funds: an empirical analysis of US and Canadian defined benefit plans
This paper investigates the characteristics of US and Canadian pension funds that allocate assets to hedge funds. The typical pension fund that invests in hedge funds is a large sophisticated pension fund that diversi es its portfolio across numerous classes of investments, private equity in particular, uses a core-satellite organization and has access to low delegation costs for alternative assets. Moreover, we fi nd that pension funds investing in hedge funds signifi cantly obtained higher global returns.
|Date of creation:||2013|
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