San Jose (Calif.) Police & Fire Department Retirement Plan committed or invested $317.5 million total to 10 managers, according to a transaction report of investments approved in closed session and released as part of the Aug. 1 board meeting agenda.
The $2.9 billion pension fund hired BlueBay Asset Management to run $145 million in emerging markets debt; Vontobel Asset Management, $60 million in emerging markets equity; and Aberdeen Asset Management, $20 million in frontier markets equity.
The pension fund invested a total of $50 million in four hedge funds as part of its absolute return allocation — $20 million to Hudson Bay Capital Management, multistrategy; and $10 million each to Claren Road Asset Management, relative value; Sandler Capital Management, long/short equity; and Horizon Asset Management, Japan long/short equity.
Absolute-return consultant Albourne Partners was hired last year by the pension fund, along with the $2 billion San Jose Federated City Employees Retirement System, to compile a shortlist search for 18 to 20 absolute-return managers to run a total of $600 million to $800 million for the two pension funds.
The pension fund also committed $20 million to Warburg Pincus Private Equity XI, a buyout fund; $12.5 million to a real estate debt fund managed by Blackstone Group; and $10 million to an opportunistic real estate fund managed by Brookfield Asset Management.
Ronald Kumar, investment officer, was not available for additional information.
