Institutional Investors

San Joaquin taps multi-strategy fund

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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;