Ann Arbor (Mich.) Workers’ Retirement System will make a full redemption from Tse Capital Offshore Fund.
The $511 million pension fund’s funding coverage committee at its Sept. 22 assembly permitted the redemption from the macro hedge fund managed by Tse Capital Administration, not too long ago launched assembly minutes present.
As of Sept. 30, the pension fund had $6 million invested within the fund. The full allocation to hedge funds as of that date was 2.7%.
The minutes present funding guide Meketa Investment Group really helpful the redemption as a result of “the agency has didn’t execute as anticipated.” Officers at Tse Capital couldn’t be instantly reached for remark.
The redemption will happen on the Dec. 31 commerce date, and the way the property can be reallocated can be decided nearer to that date, the minutes say.
Wendy Orcutt, government director, couldn’t be instantly reached for additional data.