The Louisiana Sheriffs’ Pensions & Relief Pension Fund is now looking to invest $30 million in its first opportunistic credit manager after initially conducting a search for a fund of hedge funds firm.
Pensions & Investments reported that the pension fund’s investment consultant, Russell Investments, decided to allocate in opportunistic credit after it realized that the pension had enough hedge fund exposure among its two current managers. It currently invests in fund of hedge funds firms Blackstone Group and Corbin Capital Partners.
The article added that three undisclosed managers will make presentations to the $2.3 pension fund’s investment committee in the first half of October.
Funding for the new investment will come from the pension's core fixed-income allocation.