Orange County Employees pension fund seeks proxy voting services
By Arleen Jacobius | September 11, 2012 1:16 pm
Orange County Employees Retirement System, Santa Ana, Calif., issued an RFI for proxy voting services.
Responses are due Sept. 28, according to the RFI on the $9.5 billion retirement system's website. Further information was unavailable by press time.
Separately, OCERS officials launched a shortlist search for multistrategy credit managers. No RFP will be issued, said Robert Kinsler, spokesman, in an e-mail.
OCERS' general investment consultant, NEPC, is expected to present a list of 10 to 12 managers at the system's next investment committee meeting on Sept. 26. The list of candidates will be generated by NEPC, he wrote. No further information was available at press time.
In other action, Aksia, the pension fund's hedge fund consultant is moving forward with OCERS' plan to switch to direct investment in hedge funds from a hedge funds-of-funds approach. Aksia expects to present three to five event-driven managers to OCERS investment committee in October, three to five relative-value long/short credit manager finalists in December, and three to five tactical trading/global tactical asset allocation managers in February.
The goal is to initially hire six to 10 managers in the first two quarter of next year; each will manage 4% to 10% of the target $665 million hedge fund allocation, according to an Aksia report at the investment committee's Aug. 29 meeting.
Funding will come from redeeming existing hedge funds-of-funds manager portfolios. OCERS' existing hedge funds of funds are Bridgewater Pure Alpha Fund II, BlackRock (BLK) QIP and Pacific Hedged Strategies.
Separately, OCERS committed $70 million, pending legal review, to Kayne Anderson Energy Fund VI, a private equity energy fund managed by Kayne Anderson Capital Advisors. The fund has a $1.6 billion target, which is the same target size as the firm's fifth fund, according to a written Kayne Anderson presentation to the investment committee.