Pension funds are beginning to dabble in crypto investing, opening the door for a broader discussion about whether investment managers should embrace the risk profile of digital assets.
Driving the news: The Fairfax County Board of Trustees in northern Virginia recently authorized its $6.8 billion pension funds to begin investing in the area of crypto lending, the Financial Times reports.
Other funds have gained exposure to the space as well in recent years, many of them through indirect investment strategies.
Why it matters: The success or failure of pension funds enables them to distribute checks to retirees and affects the budgets of cities, counties, school districts and states that are on the hook to make pension contributions.
Cryptocurrency investments offer the promise of eye-popping returns but also present the risk of the exact opposite.
Reality check: For now, crypto does not represent a meaningful slice of pension assets.
In Fairfax, managers have placed more than $55...
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