New York is telling hedge funds to up their game — or they’re toast. The state’s $178.6 billion pension fund, the third-largest in the US, has privately told hedge funds in recent weeks that they must earn a minimum 10 percent annual return — or they’re going to get the boot, The Post has learned. The state pension fund has $6 billion invested with hedge funds as of March 31, including Ray Dalio’s Bridgewater Associates, John Paulson’s Paulson Co., and Jeffrey Ubben’s ValueAct Capital, according to the fund’s annual financial report — and none returned 10 percent. The state pension’s basket of alternative investments, as the hedge funds are classified, lost 4.78 percent in the year ended March 31, not including fees. While that was better than the 8.19 percent loss posted … Next »

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