Orange County Employees Retirement System, Santa Ana, Calif., invested $90 million in Galena Metals Fund, managed by Galena Asset Management, subject to completion of on-site due diligence, contract reviews and negotiation of terms, said minutes from a board meeting of the $12.3 billion pension fund.
This is OCERS' first investment with the manager.
“Galena has successfully taken advantage of the price spreads between metals through the different parts of the market cycle and has both participated on the upside and protected on the downside,” the Jan. 27 minutes stated, quoting a presentation on the fund by Girard Miller, chief investment officer. He stated the fund had a limited capacity.
Aksia, OCERS’ hedge fund consultant, assisted.