Kern County Employees' Retirement Association, Bakersfield, Calif., rehired Albourne Partners as hedge fund consultant, said Daryn Miller, chief investment officer, in an email.
The $5.1 billion pension fund issued an RFP in January because the services had not been put up for bid since 2012.
Two proposals were received. There were no other finalists.
KCERA has a target allocation of 10% to hedge funds and 5% to its alpha pool. As of Feb. 28, the actual allocations to the asset classes were 12.2% and 3.6%, respectively.
The alpha pool is part of KCERA's capital efficiency program, which uses derivatives in place of traditional securities and uses a portion of the unencumbered cash to make direct hedge fund investments.
Separately, KCERA's board on Wednesday approved commitments of up to $22.5 million to Linden Capital Partners V and up to $7.5 million to Linden Co-Investment V, both buyout funds managed by Linden Capital Partners.
As of Feb. 28, the pension fund's actual allocation to private equity was 1.3%.