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Libya Sought to Exit Losing Hedge Funds, Document Shows

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Libya’s $64 billion sovereign wealth fund sought to cut holdings in hedge funds after losing on investments including bets with Millennium Global Investments Ltd., according to a document distributed by U.K. human-rights group Global Witness.

The Libyan Investment Authority, or LIA, invested $4.5 billion in so-called alternative assets, according to an LIA “Management Information Report” dated Sept. 30. KPMG LLP, which was advising the fund, recommended reducing the holdings by $2.4 billion amid high fees and sluggish performance, the document shows.