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.