The $1.5 billion San Joaquin County Employees' Retirement Association in California has allocated to Arrowhawk, a recently launched global multi-strategy hedge fund.
The $100 million mandate represented roughly 7% of the overall investment portfolio that had a 4.4% allocation to alternative investments in 2008. The firm is understood to have also won a mandate from Kentucky Retirement Systems.
Arrowhawk was founded by former FrontPoint co-manager Michael Litt.
The allocation is thought to be the system's first hedge fund allocation as the retirement system also has a portfolio overlay programme that relies on The Clifton Group for a cash securitisation overlay;