The $1.7 billion Oklahoma Firefighters Pension & Retirement System recently decided to allocate $50 million to fund of hedge funds manager Attalus Capital, according to Robert Jones, executive director.
Attalus was selected to replace Cadogan Management for a $50 million mandate, “based on uncertainties related to [Cadogan’s] merger with Fortis Investment Management,” said Jones.
Other funds of funds the system currently invest in include Grovesnor Capital Management ($75 million) and Private Advisors ($87 million). The system has also been invested in Pequot Capital since August 2000, but since then its consultant, Asset Consulting Group, has advised its board to seek greater diversification within the fund of hedge funds universe, according to Jones. He added that the system has never invested in private equity funds because “the board has traditionally gravitated toward greater liquidity,” and has no plans to invest in private equity going forward.