Kern County plans hedge fund consulting RFP, eyes more alts

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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