It's Thursday night in Greenwich, and the sounds of wine glasses clinking and shoptalk reverberates through the hallowed halls of Indian Harbor Yacht Club as 200 hedge fund professionals mingle and sip. White collars crest over the top of expertly tailored suit jackets and fancy fountain pens rest in blazer pockets, ready to take down phone numbers or notes from a discussion about CalPERS 's decision to stop putting California state pension money into hedge funds -- a limited partnership of investors that uses sophisticated methods, such as investing with borrowed money, in hopes of realizing large gains.