Fresno County (Calif.) Employees' Retirement Association committed $40 million to Metropolitan West Asset Management to run in a TALF strategy and $30 million to Angelo Gordon for a direct distressed-debt portfolio, said Becky Van Wyk, assistant retirement administrator.
The $2.19 billion system also committed 2% of plan assets each to hedge funds of funds Common Sense Investment Management and Grosvenor Capital Management. Partial funding came from terminating Blackstone, which managed $13 million in a hedge fund of funds, according to a memorandum on the agenda of the association board's July 15 meeting.
PIMCO had been hired in June to run $100 million in a TALF portfolio, but PIMCO could accommodate only $60 million because of strong investor demand and its intention to limit the size of the partnership, another board memorandum stated. MetWest was the other finalist for the TALF mandate.
Consultant Wurts & Associates assisted.