Kari Joutsa

Apteekkien Elakekassa (Aekassa) is the Pharmacists' Pension Fund of Finland. The Fund currently has about $740 million in assets under management with about 5% allocated to hedge funds and funds of hedge funds and about 6% allocated to private equity funds of funds and direct investments.Aekassa outsources its hedge fund investments to a consultant. They have used both multi-strategy and single-strategy funds in the past. The Fund is currently in the process of reducing its exposure to hedge funds. In the future they do see themselves continuing to use both single and multi-manager vehicles but will not be ready to make new investments for several months.