The £1.9bn (€2.4bn) pension scheme of UK food manufacturer Cadbury's has made its first foray into hedge funds, bringing the fund's total allocation to alternatives to over 20%.

The fund, which has been planning to invest in either hedge funds or infrastructure for over a year, has appointed Blackstone for a hedge funds mandate worth about £100m, while hedge fund manager K2 was awarded about £50m, according to mandate-tracking service Mandatewire.