Searches and Hires

Oklahoma Police pledges $15 million to buyout fund, redeems hedge fund

Oklahoma Police Pension & Retirement System, Oklahoma City, committed $15 million to Francisco Partners V, said Steven Snyder, executive director and chief investment officer.

The technology-focused buyout fund is managed by Francisco Partners Management.

Separately, the $2.2 billion pension fund is redeeming its $12.3 million investment with long/short equity hedge fund manager Hoplite Capital Management because of personnel changes at the firm, Mr. Snyder said.

It has not been determined whether the redeemed funds will be invested with a new manager or reallocated among the 10 other long/short managers in the pension fund's direct hedge fund portfolio. The pension fund has $135.7 million total invested with the 10 other managers.

The pension fund's private equity target is 10% and the current allocation is 7.4%. The long/short hedge fund target is 15% and the current allocation is 14.1%.