Buckinghamshire County Council Pension Fund, Aylesbury, England, hired Partners Group to run about £55 million ($93 million) in an unconstrained alternatives portfolio, confirmed Clyde Palfreyman, assistant head of finance for the £1.1 billion fund.
Partners' range of alternatives strategies includes hedge funds, private equity and infrastructure, according to its website.
“What we're saying to Partners is ... you're the alternatives manager ... work your magic,” Mr. Palfreyman said.
Funding came from reducing a passive bond fund run by Legal & General Investment Management to about £220 million; performance was not a concern, Mr. Palfreyman said.
This is the fund's first unconstrained alternatives mandate; Blackstone Group runs a similar-size hedge fund portfolio for Buckinghamshire.