Hedge funds might be feeling pretty down in the dumps about CalPERS’ decision to break it off with them. OK, so probably not, but the point is that CalPERS is afraid it might have hurt their feelings, and it’s been beating itself up about it. You see, hedge funds, it’s not you, it’s CalPERS. Sure, it’s an old cliché but it’s true! You’re great. It’s just that CalPERS has had some new experiences and just needs to make a change. You know how it goes.
"It is not about the performance of the hedge fund program or about the industry in general. For us, it's ending the program because it doesn't serve CalPERS' purposes," Ted Eliopoulos said in an interview with "Closing Bell…."
"For us, in making our hedge fund decision, we looked at the relatively small scale of the hedge fund program and its real inability to have a meaningful impact on our total portfolio," he said.