Mich. Pension To Plow $75M Into Long/Short Equity

Feb 17 2010 | 10:25am ET

A suburban Michigan public pension fund is preparing to take the plunge into hedge funds.

The Oakland County Employees’ Retirement System recently allocated 5% of its $1.5 billion to long/short equity hedge funds. The strategy is a new one for the system, located north of Detroit, recommended by its consultant, Asset Consulting Group, last year.

The pension is not issuing a request for proposals for the $75 million in mandates. Instead, interested firms are being directed to ACG. OCERS’ board is expected to conduct manager interviews in April or May, Pensions & Investments reports.

The system has yet to decide whether to invest directly in single-manager funds or whether to hire a fund of hedge funds manager.

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