PT - JOURNAL ARTICLE AU - Hilary Till TI - On the Role of Hedge Funds in Institutional Portfolios AID - 10.3905/jai.2004.391065 DP - 2004 Mar 31 TA - The Journal of Alternative Investments PG - 77--89 VI - 6 IP - 4 4099 - https://pm-research.com/content/6/4/77.short 4100 - https://pm-research.com/content/6/4/77.full AB - 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.