Public pension funds have poured billions of dollars into hedge funds seeking higher returns, but with the recent market woes, some funds are experiencing double-digit percentage losses, according to the Chicago Tribune.

In July, before the market turned, California’s and New Jersey’s huge pension funds endured mild losses in their hedge fund investments for the month. While many affluent investors are familiar with difficult markets, this will be the first time many pensions have had to weather broad turbulence in their hedge fund portfolios.

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