Kern County Employees' Retirement Association, Bakersfield, Calif., made a direct investment of $50 million in a hedge fund managed by Hudson Bay Capital Management, said Daryn Miller, chief investment officer.
The $4.2 billion pension fund's board publicly disclosed the investment at its meeting Wednesday, Mr. Miller said.
KCERA has a target of 10% to hedge funds.
Mr. Miller did not return a phone call seeking further information.
