Kern County Employees' Retirement Association, Bakersfield, Calif., invested $17 million in Pacific Alliance Asia Opportunity Fund, an opportunistic credit fund with an emphasis in direct lending managed by Pacific Alliance Investment Management, said Peter Tirp, chief investment officer.
It is the 13th direct hedge fund investment for the $3.6 billion pension fund since its first investment was funded in July 2013.
Mr. Tirp said the pension fund has a target of 15 investments totaling about $350 million, or 10% of the pension fund. He said the goal is to reach that target by October.
Also, Mr. Tirp said that he and hedge fund consultant Albourne America will make a recommendation to the investment committee at its Aug. 13 meeting to make a direct investment of $17 million in Cevian Capital II, an activist European hedge fund.
If approved by the investment committee, the board will vote on the investment Sept. 10.
He also has requested authorization for a due diligence visit to quantitative equity market neutral manager Menta Capital.
Albourne America is assisting with all hedge fund investments.
