Pensions have become an important investor class in hedge funds. As their participation increases, so does the misunderstanding of their investments and the laws and regulations that govern them. As a result, MFA focuses a great deal on this continued development:

• MFA educates lawmakers and regulators about the relative roles of pension fund managers and hedge fund managers and the fiduciary duties requiring pension managers to diversify their portfolios in order to meet their funding obligations.
• MFA expects clarification from the Department of Labor on language in the Plan Asset Provision of the Pension Protection Act of 2006.
• MFA developed a due diligence questionnaire to provide guidance to pension fund managers in making investments in hedge funds.