Orange County Employees Retirement System, Santa Ana, Calif., approved investing up to $76 million with BlueMountain Capital Management for a long/short equity hedge fund strategy, said Robert Kinsler, spokesman for the $12.6 billion pension fund in an e-mail.
“This will be OCERS' first and is our only investment with Blue Mountain,” Mr. Kinsler wrote in a separate e-mail.
BlueMountain, which is known as a credit manager, has been increasing its long-short equity investments since 2010 when it hired David Zorub, portfolio manager, to build a portfolio and a team, said Stephen Siderow, BlueMountain managing partner and co-president. BlueMountain's dedicated long-short equity fund was started in 2011 with partner capital and began accepting outside investor capital last year, he said. The fund now has about $500 million in total capital.
