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Kern County plans hedge fund consulting RFP, eyes more alts

Susan BarretobySusan Barreto
December 29, 2020
in Consultants, Hedge Funds, Investor News, Mandates, Mandates, Pensions, Private Credit
Kern County plans hedge fund consulting RFP, eyes more alts

Bakersfield skyline by Visit Bakersfield

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The $4.5 billion Kern County Employees’ Retirement Association staff is preparing a request for proposals (RFP) for hedge fund consulting services to be evaluated in the first half of 2021.

Albourne Partners currently advises on the $581 million hedge fund portfolio, which recently added Davidson Kempner Multi-Strategy Fund with a $50 million mandate. Another $30 million went to distressed debt offering Peak Rock Capital Fund III.

Officials at their latest meeting said that part of the RFP evaluation process may include on-site due diligence, although there may be complications due to COVID-19.

Bakersfield-based KCERA’s hedge fund portfolio’s current aims are diversification, return generation and downside protection. Hedge fund strategies in the now 14-fund strong portfolio include: relative value, event driven, equity long/short and directional.

At a special meeting held by the board, officials considered an Albourne recommendation to invest $50 million in HBK Opportunities Platform, which is a SPAC offering. The details of SPAC were not disclosed in public documents. Trustees also discussed this month a possible redemption from the Myriad Opportunities Fund.

Other hedge fund holdings in the portfolio are: Aristeia International Ltd; Brevan Howard Fund Limited; Cevian Capital II LP; D.E. Shaw Composite Fund; HBK Multi-Strategy Fund; Hudson Bay Enhanced Fund LP; Indus Pacific Opportunities Fund; Magnetar Structured Credit Fund; Myriad Opportunities Offshore Fund; PIMCO Commodity Alpha Fund LLC; PMF LTD; River Birch International Ltd; Sculptor Enhanced LP (formerly OZ Domestic) and Systematica Blue Trend.

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