Sacramento County Employees’ Retirement System in California is implementing a new long/short equity programme that will be a portfolio of single manager hedge funds, a first for the $6 billion pension fund.
Since 2004, Sacramento County has allocated to funds of hedge funds Blackstone Alternative Asset Management and Grosvenor Capital Management. The allocation totals roughly 5% of the overall retirement system.
In December, a hedge fund separate account strategic partnership with Grosvenor became operative. According to meeting minutes, Sacramento County had transformed its long/short equity only hedge fund exposure into a broadly diversified