Orange County Employees Retirement System, Santa Ana, Calif., allocated $255 million to two managers.
OCERS hired Systematic Financial Management to manage $150 million in a domestic value-oriented equity strategy that invests in small-cap, high-quality, mispriced companies, according to agenda materials for $16.8 billion pension fund's Nov. 25 meeting.
Pension fund officials also invested $105 million in Pacific Investment Management Co.'s Multi-Asset Alternative Risk Premia Strategy Risk Off Version Onshore Fund, also known as MAARS ROVER, an alternative risk premium fund.
Separately, OCERS fully redeemed the $167.5 million from the passively managed BlackRock Russell 2000 Value Index Fund, $126.1 million from Kayne Anderson Capital Advisors, which managed a midstream energy infrastructure separate account that invests in equities and opportunistic fixed income, and $54.3 million from PIMCO's Global Credit Opportunity hedge fund strategy.
The changes were mainly due to a OCERS' new asset allocation adopted in 2018, according to the agenda materials.