Orange County Employees Retirement System, Santa Ana, Calif., approved allocating $143 million to $200 million to three hedge funds, confirmed spokesman Robert Kinsler.
The $10.6 billion pension fund committed $55 million to $74 million to D.E. Shaw Multi-Asset International Fund and $44 million to $63 million each to Hoplite Offshore Fund, a global long/short equity hedge fund managed by Hoplite Capital Management, and to PFM Healthcare Fund, managed by Partner Fund Management.
The pension plan also committed $50 million to a direct lending strategy managed by Tennenbaum Capital Partners.
Separately, the board approved its investment consultant conducting a shortlist search for an absolute-return fixed-income manager. The size of the allocation has not been determined. The move is only an “exploratory search for superior strategies” and might not result in a hire, Mr. Kinsler said in an e-mailed response to questions.
