Orange County selects 4 event-driven managers
By Arleen Jacobius | October 26, 2012 4:22 pm
Orange County Employees Retirement System, Santa Ana, Calif., hired four event-driven managers as part of its direct hedge fund program: Archer Capital Management, Beach Point Capital Management, Perry Capital Management and Venor Capital Management, said Robert Kinsler, spokesman for the $9.7 billion pension fund, in an e-mail.
Each manager will receive between $26 million and $51 million from OCERS to invest, with the specific amounts to be determined by staff and Aksia, OCERS' hedge fund consultant, Mr. Kinsler said.
The pension fund in May adopted a new asset allocation that increased its absolute-return allocation to 13% from 7%; it now comprises a 7% allocation to direct hedge funds and 6% allocation to global tactical asset allocation.
Separately, pension fund officials at the Oct. 24 investment committee meeting committed $60 million to EIG Energy Fund XVI, managed by EIG Global Energy Partners, and $40 million to EnerVest XIII. The commitments to the two energy funds are final pending legal review.
The investment committee named Brigade Leveraged Capital Structures, CQS Diversified, Mariner-Tricadia Credit Strategies, Mariner Atlantic and MKP Credit to its shortlist for its search for a multistrategy credit manager. The amount the credit manager will run is still to be determined. Following due diligence by staff and general investment consultant NEPC, including on-site visits, finalists are expected to present to the committee in December, Mr. Kinsler said.