The Independent gives us a little more detail on the Tate’s risky finances:

At its peak the Tate held a quarter of all its investments in hedge funds, £6m of its £27m, almost five times the amount a typical pension fund or insurance company would normally put into them. The Tate sold the assets at a 17 per cent loss.

David Lister: Why Is the Tate Risking Our Cash? (The Independent)