Pension funds' allocations to hedge funds: an empirical analysis of US and Canadian defined benefit plans

Vincent Bouvatier and S. Rigot

Applied Economics, 2013, vol. 45, issue 26, 3701-3710

Abstract: This article 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 diversifies 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 find that pension funds investing in hedge funds significantly obtained higher global returns.

Date: 2013
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Working Paper: Pension funds’allocations to hedge funds: an empirical analysis of US and Canadian defined benefit plans (2013)
Working Paper: Pension funds’allocations to hedge funds: an empirical analysis of US and Canadian defined benefit plans (2013)
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DOI: 10.1080/00036846.2012.725932

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