Fennia is a Finnish insurance company with a pension of €6.8 billion. The pension has an 11% allocation to hedge funds. The firm also invests in long-only equities funds. Fennia currently has a 1% allocation to the private equity space but is targeting a 3-5% overall allocation. The pension target a 10% allocation to direct real estate and 2% to indirect. In addition, the firm is active in the private equity secondaries space, both buying and selling commitments. The firm is currently evaluating UCITSIII hedge funds for allocations in 2011.