Hedge Funds Institutional Investors

Sacramento seeks advice on direct investments

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Sacramento County Employees Retirement System has yet to formalise a commitment to hedge funds, but chief investment officer Jeffrey States said the search for a general investment consultant is including questions regarding a consultant's experience with hedge funds.

The $4.4 billion pension fund already has allocations with funds of funds. Blackstone Alternative Asset Management and Grosvenor Capital have been in the portfolio since 2004. Trustees though have also set aside 5% in an opportunistic strategy bucket of which 1.5% has already gone to a distressed mortgage fund managed by Pimco and a distressed credit strategy handled by Stone Tower