The rebound in market liquidity since the credit crunch has spelled good news for some pension funds locked into hedge funds during the crisis, as some prominent funds have returned cash to investors sometimes years earlier than expected.
From September 2008, many pensions were stuck in funds as evaporating liquidity led many to halt withdrawals. By the end of 2008, Credit Suisse estimated, 25% of funds halted redemptions. Investors...
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