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Without hedge funds, the state pension fund lost 25 percent of its value — $2 billion — in the 2008 financial collapse; with hedge funds, the losses would have been $500 million less, according to the state’s hedge fund consultant, Cliffwater. According to the treasurer’s office, 5 of Rhode Island’s 18 hedge funds suffered double-digit losses in 2008 — 3 in the teens — while the S&P 500 stock index dropped 37 percent.
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