Sacramento County (Calif.) Employees' Retirement System hired Brigade Capital Management to run $140 million in opportunistic credit, said Scott Chan, chief investment officer.
It is the $7.2 billion pension fund's first credit strategy. The pension fund created a 10% allocation within its roughly $1.35 billion fixed-income portfolio earlier this year. Brigade Capital will run a customized strategy, and it is allowed hedging capabilities, Mr. Chan said in a telephone interview.
Separately, the pension fund committed $35 million to Morgan Stanley Prime Property Fund, an open-end core real estate fund. The pension fund has an 8% allocation to core real estate.
