Kern County Employees’ Retirement Association, Bakersfield, Calif., made a $17 million direct investment in a hedge fund with quantitative equity market-neutral manager Menta Capital, said Peter Tirp, chief investment officer.
The $3.7 billion pension fund’s board approved the investment at its Jan. 14 meeting.
The pension fund created a target of 10% to direct investments in July 2013.
Separately, the board approved the termination of Neuberger Berman from its $70 million domestic high-yield fixed-income portfolio due to underperformance. Assets are being moved to the pension fund’s other domestic high-yield manager, Western Asset Management Co., giving that manager about $145 million total.
Neuberger Berman spokesman Alexander Samuelson declined to comment.
