Kodak’s Pension Windfall Points to $137 Billion Opportunity (1)

Inside Eastman Kodak Co., the once-iconic camera maker, a small pension investment team reaped such large gains in recent years that they windfalled themselves out of a job.

The group, managing a pool of retirement assets for more than 37,000 people, poured money into hedge funds and private equity and, in seven years, turned a $255 million deficit into a $1.1 billion surplus.

That represents a potential fortune for a company that spent the past decade stumbling to find a post-bankruptcy direction, lurching from crypto to Covid vaccines and back to a niche resurgence in film. Earlier this month, ...