Oklahoma Police pension fund branches out into White Elm Capital hedge fund

Oklahoma Police Pension & Retirement System, Oklahoma City, invested $7.5 million in a global long/short equity hedge fund managed by White Elm Capital, confirmed Steven Snyder, executive director and chief investment officer at the pension fund.

Funding comes from the redemption of an Attalus Capital hedge fund of funds as part of the $1.9 billion pension fund's move into direct investing in hedge funds.

Grosvenor Capital Management and investment consultant Asset Consulting Group recommended White Elm, Mr. Snyder said in a telephone interview. Grosvenor manages a $150 million hedge fund-of-funds portfolio for the pension fund and provides back-office work and due diligence for the direct investments.

Separately, the board will vote at the April 17 meeting on whether to approve an investment in a long/short equity hedge fund managed by Southpoint Capital Advisors, Mr. Snyder said. It would likely be a $7.5 million allocation as well, he added.