Hedge Fund Investments: Current Landscape for Public Pension Funds
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1 Hedge Fund Investments: Current Landscape for Public Pension Funds E. Marlee Mitchell Waller Lansden Dortch & Davis, LLP Southeast Public Employee Retirement Systems (SEPERS) Forum June 24, 2008
2 Hedge Funds: a Trustee s s Perspective Why are hedge funds becoming more relevant for institutional investors, particularly public pension funds? Why are hedge funds consistently being debated and discussed in the popular press? What are the Hot Topics? What are the Top 10 Questions you should ask before investing in any alternative investment?
3 Hedge Funds The Relevance for Public Pensions 1. Need for better ROI as actuarial assumptions underestimate future distributions 2. Need for diversification as public pension fund assets increase 3. Broader spectrum of hedge fund products available 4. Increasing commitment to best practices by Trustees, permitting proper oversight
4 Hedge Funds Any New News? Limited regulatory oversight in U.S. + Ten years of attempts to regulate in U.S. + International trends toward less regulation in the tax havens used by hedge funds + Market volatility and hedge fund losses = Reports and speeches from industry pundits and government agencies
5 Limited Regulatory Oversight 1933 Securities Act 1934 Securities Exchange Act 1940 Investment Company Act 1940 Investment Advisers Act ERISA IRS: Publicly Traded Partnership
6 A Decade of Trying : Two proposed acts not adopted 2004: SEC Rule 203(b)(3) : DC court overturns SEC Rule 2006: Pension Protection Act excludes government plans from definition of benefit plan investors 2008: Hart-Scott Rodino exemptions for acquisitions that are solely for the purpose of investment
7 International Tax Havens Lightening up on Hedge Funds Tax Havens: Cayman Islands and Channel Islands (Guernsey and Jersey) Cayman Islands Mutual Funds Law is drafted on principle of caveat emptor Jersey s new Unregulated Funds Regime Traditionally, Jersey was more exacting and hands-on Now, moving to unregulation in a move to top Cayman s ultra-light level of regulation
8 International Tax Havens Cayman Islands Channel Islands
9 Reports, Actions and Speeches February 2007: Principles and Guidelines re: Private Pools of Capital September 2007: PWG formed two committees: Investors Committee, chaired by Russell Read, CIO of CalPERS Asset Managers Committee February 2008: Russell Read presentation to Managed Fund Association April 2008: PWG Investors Committee Report on Principles & Best Practices for Hedge Fund Investors
10 What is the News Take-away? away? Improvement needed in Investors contributions to market discipline
11 Basic Overview of Hedge Funds General definition: a pooled investment vehicle managed by professional investment managers and privately offered to sophisticated investors Two types of structures: 1. Parallel Fund 2. Master-Feeder Fund
12 Basic Parallel Fund Structure GP Management Company Performance Allocation Management Fee Performance Fee Management Fee Domestic Fund Offshore Fund
13 Master-Feeder Fund Structure Management Company Master Offshore Fund Management Fee GP Performance Allocation Offshore Feeder Fund Domestic Feeder Fund
14 Hot Topics for Hedge Funds 1. Indemnity Provisions 2. Valuation Portfolio Side pockets 3. Side Letters
15 Top 10 Questions 1. Is there a well thought-out investment objective? 2. Is there a written investment policy statement that is consistent with the investment objective?
16 Top 10 Questions 3. Is there a clear statement of responsibilities who does what and who is accountable? 4. How sophisticated is the investment decision maker? Is the complexity of the investment consistent with the capabilities of the decision maker? 5. Is there adequate reporting and monitoring?
17 Top 10 Questions 6. Has the investment staff evaluated outsourcing? 7. Are there conflicts of interest? Who monitors and approves them? 8. What is the cost of monitoring hedge fund investments? 9. Does the pension plan understand potential risk exposure in the portfolio?
18 Top 10 Questions 10. If there is an investment staff and is their skill level commensurate with the complexity of the portfolio? Are they adequately incented? Is there appropriate monitoring of their activity and a balance between control and delegation?
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