A former chief investment officer of New York City’s pension plans is seeking $500 million to help women- and minority-led hedge funds get off the ground. Seema Hingorani, who oversaw investing of the city’s five pensions from 2013 to 2014, is targeting the money to seed five to seven new hedge funds, people with knowledge of the matter said, asking not to be named because the fundraising process is private. She formed SevenStep Capital in April to house the effort, which is a joint venture with asset manager Permanens Capital. In an interview, Hingorani and Permanens co-founder John Regan said...