Fresno County (Calif.) Employees’ Retirement Association plans to issue an RFP for a specialty hedge fund consultant, said Donald Kendig, retirement administrator, in an e-mail.
The selected firm would advise the $3.9 billion pension fund on its 8% hedge fund target allocation. The fund now has about 4% invested with Grosvenor in a hedge fund-of-funds strategy.
The pension fund board has expressed interest in pursuing more direct investments with assistance from a specialty consultant, Mr. Kendig said.
The RFP is expected to be available on the pension fund’s website.
Further details, including an RFP release date and how much discretion the selected firm would have, have not been determined.
The pension fund has been exploring ways to bring its hedge fund allocation closer to the target and issued a request for information for hedge fund managers and specialty consultants in June.