General Motors Pension Plans, the largest private pension fund in the US with roughly $100bn (€117bn) under management, has invested in one of the Man Group's hedge funds.

The substantial allocation by General Motors Investment Management Company, the investment arm of the motor company pension fund, reflects the increasing demand from global investors for alternative investment strategies. General Motors has invested in a fund of Glenwood, the Chicago-based alternative investment fund-of-funds manager which is part of the Man Group. It has also appointed Glenwood as the strategic consultant to advise it on further investments in hedge funds.