Institutional Investors

Kern County considers CTA for long portfolio


The $2.9 billion Kern County Employees’ Retirement System is moving ahead with plans to pull out of its fund of funds managers and invest directly in hedge funds. It has redeemed from Blackstone Alternative Asset Management and will also redeem from K2 Advisors in the first half of next year, giving it roughly $160 million to put into direct investments. To this will be added around $150 million taken from equity and fixed income index fund holdings, thanks to a recent doubling of the hedge fund allocation.

In addition Pete Tirp, chief investment officer, is currently considering the