North Dakota State Investment Board, Bismarck, approved $120 million in alternatives investments, said CIO Steve Cochrane.
The $4.1 billion pension trust at its Sept. 21 meeting decided to put $50 million into an index arbitrage portable-alpha-based hedge fund run by Westridge Capital Management, and $10 million into Adams Street Partners Non-U.S. Partnership, an international private equity fund of funds. The board also hired Timberland Investment Resources for a $60 million timber portfolio on behalf of the states $1.4 billion insurance trust.
Funding for the Westridge investment comes from reducing a fixed-income portfolio run by Bank of North Dakota to $105 million, which is near the target amount. The Adams Street hire will be funded by cash. Funding for the timber investment will come from the $285 million TIPS portfolio.