Credit and real estate funds won the bulk of hedge fund commitments from US public pensions in Q3, accounting for $900m of $2.2bn, but it was the second quarter in a row that gross flows into the industry shrank. For more analysis of US pensions’ activity in Q3, read HFM’s latest research report.
In the report:
- US public pensions have committed $10.5bn to hedge funds YTD
- With discontinued mandates factored in, flows are net $1.1bn YTD
- Half the value of Q3 commitments came from West Coast pensions
- Over twice as many hedge funds were terminated in Q3 than hired
- Sentiment on hedge funds remains mixed but with a positive bent