The San Diego County Employees Retirement Association board is scheduled to decide Thursday whether to commit a total of $150 million to two BlackRock hedge funds — Global Ascent Fund and the Emerging Markets Macro Fund, according to the agenda for its board meeting.
Staff will ask the board to commit $115 million to Global Ascent Fund and $35 million to Emerging Markets Macro Fund, said Johanna Shick, association’s spokeswoman.
Funding for the hedge funds would come from the association’s 70% stable value asset allocation target.
The board also will be asked to increase the allocations of global macro hedge fund managers Brevan Howard to $165 million from $60 million; Bridgewater to $100 million from $46 million; and Graham Capital Management to $90 million from $60 million.
Separately, the board is expected to decide whether to add SSgA to its approved list of managers. If approved, the association’s outsourced CIO, Lee Partridge, and his firm, Integrity Capital, could hire SSgA to invest in derivatives and futures to “to replicate the exposure of any policy benchmark” at a cost that is cheaper than any known exchange-traded fund, derivatives or other publicly traded vehicle, according to a memo attached to the agenda.