Baton Rouge & Parish of East Baton Rouge (La.) Employees' Retirement System approved a hedge fund investment of about $58 million in The Weatherlow Fund.
The $1.3 billion pension fund's board approved the investment in the multistrategy hedge fund of funds managed by Evanston Capital Management at its Sept. 23 meeting, said Jeffrey Yates, retirement administrator.
Funding will come from the liquidation of a $58 million hedge fund-of-funds portfolio managed by Magnitude Capital Management.
Mr. Yates said in an email that the pension fund's investment committee had recommended redeeming from that portfolio because while the portfolio "provided good downside protection," the pension fund was "looking for more alpha potential."
Investment consultant AndCo Consulting assisted.