Kern County Employees' Retirement Association, Bakersfield, Calif., invested $50 million in HBK Opportunities Platform-SPAC Series.
The $4.6 billion pension fund's board approved the direct hedge fund investment in the multistrategy fund managed by HBK Capital Management at its Dec. 21 meeting, said Daryn Miller, chief investment officer.
As of Oct. 31, the actual allocation to hedge funds was 12.8%.
Hedge fund consultant Albourne Partners assisted.
