Oklahoma Police Pension & Retirement System, Oklahoma City, invested and committed $21.2 million total in two funds, said Steven Snyder, executive director and chief investment officer.
The $2.3 billion pension fund invested $13.7 million in Jet Capital Concentrated Fund. The hedge fund managed by Jet Capital Investors is primarily event-driven with a special focus on litigation, Mr. Snyder said.
Due diligence is currently being conducted on other hedge fund managers to help bring the pension fund's direct hedge fund portfolio up to its $100 million target. Grosvenor Capital Management conducts back-office work and due diligence on direct investments, but final discretion falls to the pension fund board. Grosvenor also manages a fund of funds for the pension fund, for which Grosvenor has full discretion.
Additionally, the pension fund committed $7.5 million to Oaktree Opportunities Fund Xb, a distressed debt fund managed by Oaktree Capital Management. Earlier this year, the pension fund committed $7.5 million to Oaktree Opportunities Fund X.
The pension fund has a 10% target allocation to private equity.