CalSTRS Seeds Hedge Fund Legion Partners

May 21, 2014

On May 20, 2014, Bloomberg.com reported that California State Teachers’ Retirement System had made its first hedge fund seed investment by committing $200 million to Legion Partners Asset Management.


On May 20, 2014, Bloomberg.com reported that California State Teachers’ Retirement System had made its first hedge fund seed investment by committing $200 million to Legion Partners Asset Management LLC.  CalSTRS, which is based in Sacramento, California, is the second-largest U.S. public pension system.  The pension system will take a 30% minority interest in Legion, a hedge fund manager with an activist pedigree.  CalSTRS will provide Legion with cash in $50 million increments upon reaching certain milestones and will consider additional seed investments for minority stakes in funds and early allocations for concessions on fees. 

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Categories

Seed Deals, Transactions