The State-Journal missed another yet another significant story relating to the Kentucky Retirement Systems. The Herald-Leader reported Thursday that the Arrowhawk hedge fund has failed. KRS invested at least $100 million in the fund at the direction of former chief investment officer Adam Tosh through a placement agent.
An enterprising reporter would have followed up on this story, asking questions such as: does KRS have any assurance that its investment will be returned? How much exposure does KRS have to hedge funds, and at what risk? In the interest of transparency, why didn't the KRS itself report the failure of the fund, which had been reported in the trade press weeks ago?