[en]This paper 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 diversi…es 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 signi…ficantly obtained higher global returns.[/en]
Unité mixte de recherche 7235
