Kern County Employees’ Retirement Association, Bakersfield, Calif., made a direct investment of $17 million in Cevian Capital II, an activist European hedge fund, said recently released board meeting minutes.
It is the $3.7 billion pension fund’s 14th direct investment in a hedge fund.
The pension fund’s first investment was funded in July 2013 following the creation of a target of 15 investments totaling about $370 million, or 10% of the pension fund.
Peter Tirp, chief investment officer, did not return a phone call by press time.
