TY - JOUR T1 - On the Role of Hedge Funds in Institutional Portfolios JF - The Journal of Alternative Investments SP - 77 LP - 89 DO - 10.3905/jai.2004.391065 VL - 6 IS - 4 AU - Hilary Till Y1 - 2004/03/31 UR - https://pm-research.com/content/6/4/77.abstract N2 - Hedge funds do not easily fit into the current way institutions go about investing. Based on a survey of recent academic and practitioner research, the author reviews six competing frameworks for how to incorporate hedge funds in institutional portfolios. Each framework has very different implications for institutional asset allocation, manager selection, and benchmarking. ER -