Alameda County Employees' Retirement Association, Oakland, Calif., committed up to $170 million to AQR Global Stock Selection Institutional Fund, a market-neutral long/short equity fund managed by AQR Capital Management, spokesman Michael Fara said.
It is the $7.8 billion pension fund's second absolute-return commitment in 2018. In January, the pension fund committed up to $80 million to Blackstone Strategic Opportunity Fund, a hedge fund of funds managed by Blackstone Alternative Asset Management.
The pension fund's actual allocation to private equity and alternatives was 9.8% as Sept. 30. Its target is 18%.