Sacramento County (Calif.) Employees' Retirement System made a direct hedge fund investment of $45 million in BlackRock Event Driven Equity Fund, said Steve Davis, chief investment officer.
The $10.4 billion pension fund's investment in the market-neutral fund is allocated to its diversifying absolute-return asset class, Mr. Davis said.
Funding comes from a partial redemption from Grosvenor SC Absolute Return Fund, Series B, a diversifying hedge fund managed by Grosvenor Capital Management, leaving it with about $109 million.
As of Dec. 31, the actual allocation to diversifying absolute return was 7%, the same as its target.
