Tuesday, 31 May 2016
Last updated 2 min ago
Jan 5 2012 | 12:48pm ET
California's public pensions are among the pioneers and leaders in hedge fund investing. But one Northern California system is only getting into the asset class now.
The Alameda County Employees' Retirement Association has made its first hedge fund hire, handing Permal Asset Management a $100 million mandate, HFMWeek reports. The money will go into a fixed-income holdings fund of hedge fund and is the first part of the $5 billion pension's $250 million alternative investments plan; the remaining money will go into private equity.
Permal beat out BlackRock Alternative Advisors and Magnitude Capital for the pension's business.