The California Public Employees’ Retirement System, the nation’s biggest pension fund with $200 billion, has launched an internal investigation into its own oversight of hedge fund deals, The Los Angeles Times reported.
Calpers found that it had paid $36 million to two hedge fund advisors who were working without contracts, exposing the fund to legal and financial risk. The head of its hedge fund portfolio, which manages $5.8 billion in assets, was temporarily placed on leave and fined, The Times said, citing people briefed on the matter.
Calpers told the newspaper that it was investigating its ties to two hedge fund advisers, Paamco and a unit of Swiss banking giant UBS. Both firms had contracts with Calpers, but they lapsed two years ago, The Times said.
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