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Ohio, Illinois Sticking With Hedge Funds as Calpers Flees

As the largest U.S. retirement plan prepares to dump hedge funds for good, its peers aren’t rushing to follow.

Pension funds including those in New Mexico, Ohio and Illinois said they don’t plan to exit the asset class after the $298 billion California Public Employees’ Retirement said this week it will pull its entire $4 billion in hedge-fund investments. New Jersey’s $77 billion state pension fund in June said it had added $1.1 billion to hedge funds since the start of its 2014 fiscal year, to protect against risk after a six-year bull market in stocks.