Merced County (Calif.) Employees' Retirement Association made a direct hedge fund investment of $10 million in Caxton Global Investments.
The $1.1 billion pension fund's board approved the investment in the flagship hedge fund managed by Caxton Associates at its meeting March 11, said Kristen Santos, retirement administrator.
As of Dec. 31, the actual allocation to hedge funds was 9%; the target is 10%.
