New Orleans City Employees’ Retirement System is resuming its search for an opportunistic credit and/or opportunistic hedge fund manager to run a total of $20 million, said Jesse Evans Jr., director, in an e-mail.
The $364 million pension fund had issued an RFP in May for one or more opportunistic managers to run the portfolio in a credit or hedge fund commingled vehicle with a global focus. About 40 managers responded to the RFP.
In August, the pension fund suspended the search due to some board members’ concern about making such an investment following the redemption in June from seven hedge funds in which it had invested a total of $8.2 million.
Two hedge fund managers, Millennium Management and York Capital Management, made presentations at the board’s Sept. 23 meeting to help alleviate concerns about the investment, and the board approved moving forward with the search.
Investment consultant The Bogdahn Group will present responses to the RFP at the board’s November meeting, a date for which has yet to be determined.