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Kern County Employees puts $50 million into multistrategy hedge fund

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Kern County Employees’ Retirement Association, Bakersfield, Calif., made a direct hedge fund investment of $50 million in Aristeia Select Opportunities II.

The $5.3 billion pension fund’s board approved the investment in the multistrategy hedge fund managed by Aristeia Capital at its June 28 meeting, said Daryn Miller, chief investment officer.

As of April 30, the actual allocation to opportunistic strategies was 1.5%.

Hedge fund consultant Albourne Partners assisted.