Asset manager GAM has received a $750m (€511.4m) allocation from the South Carolina Retirement System to its flagship fund of hedge funds, as public pension schemes build their investments in the alternatives sector.

Diversity is a global, multi-strategy fund of hedge funds designed to offer investors access to multiple sources of absolute return. It was launched in December 1989 and has 70 underlying hedge funds covering equity hedge, trading and arbitrage strategies. It had $8.8bn in assets under management as of the end of September.