Contra Costa County Employees' Retirement Association, Concord, Calif., invested up to $150 million in Sit Investment Associates Liquid Low Correlation Absolute Return Strategy.
The $10.2 billion pension fund's board approved the investment in the multistrategy hedge fund at its Feb. 24 meeting, recently released meeting minutes show.
Sit Investment Associates already manages a $599 million short-duration fixed-income portfolio for the pension fund within its $2.1 billion liquidity portfolio.
As of Dec. 31, the actual allocation to risk diversifying assets was 5%; the target is 7%.
CEO Gail Strohl and Chief Investment Officer Timothy Price could not be immediately reached for further information.
