US public pension fund California Public Employees’ Retirement System (Calpers) has reportedly invested approximately US$100 million in Asian credit hedge fund Double Haven.
According to Reuters, Calpers will invest in Double Haven’s long/short credit hedge fund and the investment will boost the firm’s total assets under management to more than US$710 million,
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"Large institutional investors are recognising the growth potential in the Asian credit space," the hedge fund’s chief executive, Greg Donohugh, told Reuters.
He said that Asian investment grade issuers have an average duration of 4.92 years, which is nearly two years shorter than their counterparts in the U.S, and they offer a 90-100 basis points spread over U.S. debt, making them attractive bets.
Double Haven, which was spun out of Sparx Group in 2011, said its long/short credit hedge fund has provided a 6.2% return this year.
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