See recent media articles on the pitfalls of alternative investments such as hedge funds (links and excerpts below). The New York Times November 20, 2015 article was delivered on the same day by UN Pension Blog to the office of the Secretary-General's Representative for Investments (head of the Fund's Investment Management Division),with a cover note, for her 'consideration'.
THE NEW YORK TIMES: November 20, 2015: 'Why Pension and Hedge Funds Don't Mix'
Excerpt: "Rosy promises about hedge fund returns can hurt future retiree pension plans.Year in and year out, public pension managers invest in hedge funds that promise market-beating returns. The stated aim is to narrow the gap between what the pensions have promised future retirees and the money available to meet those obligations. What happens instead is that the pension gaps remain while the hedge funds gorge on fees."