Contra Costa County Employees' Retirement Association, Concord, Calif., invested $130 million in the Acadian Multi-Asset Absolute Return Fund.
The $8.9 billion pension fund's board approved the investment in the multistrategy hedge fund managed by Acadian Asset Management at its meeting Wednesday, CEO Gail Strohl said in an email.
The hedge fund's aim is "to deliver alpha and diversification by investing, taking both long and short positions, in a variety of global asset classes including equities, fixed income, foreign exchange, commodities and volatility," according to board meeting materials.
The investment falls within the pension fund's risk diversifying asset class, which had an actual allocation of 5.1% as of May 31. Its target is 8%.