Los Angeles County Employees puts $530 million in 3 alts strategies Print Los Angeles County Employees Retirement Association, Pasadena, Calif., invested a total of $530 million in three alternative investment strategies, according to an executive session report on the $65.4 billion pension fund's website. The board approved a $250 million investment, with a $200 million initial allocation, in Caxton Global Investments, a discretionary global macro hedge fund. The report said the hedge fund managed by Caxton Associates has a track record of low correlations to equity and credit markets and strong downside protection. Separately, LACERA invested $250 million in Brevan Howard Master Fund, a discretionary global macro fund focusing on directional and relative value trading strategies managed by hedge fund manager