Kern County Employees' Retirement Association, Bakersfield, Calif., made a direct investment of $17 million in Black Diamond Relative Value Fund, a long/short equity hedge fund managed by Carlson Capital Management, said Peter Tirp, chief investment officer.
It is the 12th direct hedge fund investment for the $3.5 billion pension fund since its first investment was funded in July 2013. Mr. Tirp said the pension fund plans to make a total of 15 investments totaling about $350 million, or 10% of the pension fund.
Hedge fund consultant Albourne America assisted.
