Tulare County Employees’ Retirement Association, Visalia, Calif., expects to launch a search for a hedge fund-of-funds manager by the end of June, said David Kehler, retirement administrator, in an e-mail.
The search initially was expected to start in the first quarter. It is being conducted to bring the pension fund up to its 5% hedge fund target allocation from the current 2.5%.
An RFP will not be issued. Interested managers can contact the pension fund’s investment consultant, Verus, previously known as Wurts & Associates.
Separately, the $1.3 billion pension fund has narrowed its core-plus fixed-income search to two firms — MacKay Shields and DoubleLine Capital.
A hiring decision could be made later this summer. The selected firm will replace Pacific Investment Management Co., which was terminated from a similar portfolio in January.
The anticipated allocation size is $101 million.
