Texas Employees Retirement System, Austin, invested $150 million in Algert Japan Extension Fund.
The hedge fund strategy is managed in a customized separate account for the $29.2 billion pension fund by Algert Global, confirmed Aris Oglesby, operational due diligence analyst, in an email.
The investment is the first to the manager by the pension fund.
ERS has a 4% target allocation to hedge funds. As of Jan. 31, the actual hedge fund allocation was 3.6% of total plan assets, according to an investment report.