San Jose (Calif.) Police & Fire Department Retirement Plan committed a total of $85 million to six absolute-return managers, confirmed Ronald Kumar, investment officer.
The plan committed $20 million each to Brevan Howard in a macro directional strategy; Pine River Capital Management, relative value; and Davidson Kempner Capital Management, event-driven. It also committed $10 million each to Amici Associates, long/short equity, and Global Ascent, a macro directional fund managed by BlackRock. The $2.8 billion pension fund also committed $5 million to Kepos Capital, global macro.
Also, the $1.8 billion San Jose Federated City Employees Retirement System committed $30 million to the Pine River strategy.
Albourne Partners was hired last year by the two funds to compile a shortlist search for 18 to 20 managers to run a total of $600 million to $800 million.
Separately, the police and fire fund committed $20 million to Crescent Mezzanine Partners VI, a mezzanine debt fund managed by Crescent Capital Group.