Ohio Public Employees Retirement System, Columbus, moved another $170 million to direct investments in hedge funds, confirmed spokesman Mike Pramik.
The $73.2 billion system committed $90 million to Canyon Value Realization Fund, a credit-oriented fund, and $80 million to Ascend Partners Fund II, a long/short equity fund.
The new commitments bring to $1.265 billion the total in direct investments since the system established a new allocation of 3% to hedge funds in July 2010, previously allocating a combined 3% to hedge funds of funds and opportunistic funds. The system also created a separate 2% allocation to opportunistic funds.
In January, the hedge fund allocation was further increased to 6%.
Hedge fund consultant Cliffwater assisted.
The system also hired AQR Capital Management to run $100 million in an active 130/30 portfolio. It is the final 130/30 manager to be added following an RFP originally issued in 2010. Funding came from the existing equity portfolio, wrote Mr. Pramik in an e-mail.