Orange County Employees Retirement System board, Santa Ana, Calif., approved investing $150 million in private equity funds of funds this year and expects to issue an RFI in July, said Keith Bozarth, executive director of the $6.5 billion system. Officials plan to select an undetermined number of managers in August or September. Separately, the board approved issuing an RFI for two real estate closed-end value-added commingled fund managers to split a total of $60 million to $70 million. Hirings will be based on recommendations by Callan, and selections are expected to be made in July.
Sacramento (Calif.) Metropolitan Fire District plans to issue an RFP for a third-party administrator for its $55 million 457 plan, said Bill Tugaw, consultant with SST Benefits Consulting, who is assisting in the search. The search is being conducted because the fund's five-year contract with AIG VALIC expires in July 2007, said Mr. Tugaw; AIG VALIC can rebid. Debbie Martin, fire district benefits director, referred calls to Mr. Tugaw. The RFP will be issued in November and a decision is expected by February.
Louisiana Sheriffs' Pension & Relief Fund officials are considering increasing the Baton Rouge-based plan's hedge fund allocation to 3% of total assets from 2.5%, and might also invest in other alternatives in the fiscal year that begins in July, said Osey "Skip" McGee, executive director.
Missouri State Employees' Retirement System, Jefferson City, plans to increase its direct hedge fund investments, moving money out of hedge funds of funds, according to a news release. Currently, half of the $7 billion system's $1.6 billion in hedge fund exposure is through funds of funds, according to the release. Spokeswoman Christine Rackers said there is no specific timeline for allocation changes or new manager hires.
