Spokane (Wash.) Employees' Retirement System redeemed its $5 million investment in hedge fund manager OrbiMed Advisors' long-biased health-care strategy.
The $364 million pension fund's board voted to redeem its investment with the hedge fund at its Jan. 5 meeting due to performance-related issues, said Phillip Tencick, retirement director.
The investment was allocated to the pension fund's special opportunities asset class. Mr. Tencick said assets will be reallocated among the pension fund's domestic equity managers.
As of Sept. 30, the pension fund's actual allocation to special opportunities was 2.7%.
Investment consultant Hyas Group assisted.
Carter Neild, managing partner at OrbiMed Advisors, declined to comment.