The Los Angeles County Employees’ Retirement Association (LACERA) has appointed Cheyne Capital Management to oversee a multi-asset credit mandate.

The pension fund has approved an investment of up to $750m (£555.3m) in a multi-asset credit hedge fund strategy run by Cheyne Capital through a dedicated managed account vehicle.

The investment was disclosed in a report from a meeting of LACERA’s Board of Investments last month.

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LACERA is a defined benefit retirement plan for employees of Los Angeles County and certain other districts and manages $93.9bn in assets.

The pension fund invests across private markets, including private equity, real estate and credit. Its credit portfolio has a target allocation of 13 per cent, encompassing high-yield, bank loans, emerging market debt and illiquid credit investments.

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Cheyne Capital is a global alternative asset manager with $15bn in assets under management. It invests across real estate, corporate credit, strategic value credit and equity alternatives.

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