A growing proportion of the capital flowing into hedge funds is coming from institutional investors. Therefore, hedge fund managers looking to raise capital effectively must understand the financial condition, motivations and allocation preferences of different institutional players. To help hedge fund managers develop and refine such an understanding, we have recently published a series of articles on institutional investor investment preferences, each focusing on a different category of investor. The first article in the series focused on family offices. See “Why and How Do Family Offices and Foundations Invest in Hedge Funds?,” Hedge Fund Law Report, Vol. 6, No. 1 (Jan. 3, 2013). The second article in the series focused on sovereign wealth funds. See “Why and How Do Sovereign Wealth Funds Invest in Hedge Funds?,” Hedge Fund Law Report, Vol. 6, No. 13 (Mar. 28, 2013). This article, as the title implies, focuses on corporate and government pension plans, endowments and foundations. See also “The Four P’s of Marketing by Hedge Fund Managers to Pension Plan Managers in the Post-Placement Agent Era: Philosophy, Process, People and Performance,” Hedge Fund Law Report, Vol. 2, No. 45 (Nov. 11, 2009).