Subject: Do we know anyone there?
From: "Arlene Busch" <[email-masked]>
To: <[email-masked]>, "Eric Schwerin" <[email-masked]>
Date: Wed, 6 Apr 2011 12:02:41 -0400

*Massachusetts pension cuts middleman in $500m hedge fund investments*
From Bloomberg.com: The Massachusetts state pension fund, which oversees
$49.5 billion of assets, will begin bypassing middlemen by directly
investing as much as $500 million in hedge funds.

The board that oversees the fund, known as the Massachusetts Pensions
Reserves Investment Trust, voted today to hire Cliffwater LLC to advise it
as it shifts money out of the $3.8 billion it has placed in hedge fund of
funds, which charge an additional management fee. Officials are hoping to
lower the cost of investing in the alternative-asset class and improve
performance, according to Steven Grossman, the state treasurer who oversees
the board. …

Good news is that Third Point already approved by Cliffwater.

Arlene Busch

202-333-1880

[email-masked]