State-Boston Retirement System is looking to add at least one fund of hedge funds firm to manage approximately $80 million.
Pensions & Investments reported that the pension fund wants to hire a firm that has at least $600 million in assets under management as of December 31. Proposals potential managers are due March 15.
The pension fund's decision to invest in fund of hedge funds comes at a time when most retirement plans divesting from the segment to avoid high fees.
State-Boston manages about $3.4 billion for employees.