AQR Nabs San Mateo Pension's First Hedge Fund Mandate

Aug 11 2011 | 12:10pm ET

A Bay Area public pension has hired AQR Capital Management as the first manager in its new hedge fund portfolio.

The San Mateo County Employees' Retirement Association picked AQR's Delta Fund II after an exhaustive process during which the pension's board considered five different strategies and employed the assistance of both a consultant—Strategic Investment Solutions—and a hedge fund—Aetos Capital Management, which was employed to teach the $2.3 billion system's board and staff about funds of hedge funds.

Aetos was also considered for the mandate, HFMWeek reports.

Strategic Investment and the pension's board settled on a beta strategy, rejected index replication, multi-strategy and direct investments. San Mateo said it may revist the latter two at a later date.

San Mateo plans eventually to allocate 3% of its assets to hedge funds.

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