BOSTON Aug 22 Hedge fund titan Och-Ziff Capital
Management has added another prominent investor to its list of
closely guarded top-tier clients -- the state of Florida.
On July 31, the Florida State Board of Administration, whose
pension fund ranks as the fourth largest U.S. public pension
with $125.6 billion in assets, sent $150 million into the OZ
Domestic Partners II LP fund, according to state documents.
Florida is slowly putting money into the $2 trillion hedge
fund industry and with its maiden commitment to Och-Ziff, it
joins state pension funds in Massachusetts, California and New
Jersey in selecting the $30 billion hedge fund firm. At the end
of the second quarter, Florida had $1.4 billion in hedge funds
and related vehicles, spokesman Dennis MacKee said.
Och-Ziff generally does not name its clients and through a
spokesman declined to comment.
The New York-based hedge fund firm, one of the world's
biggest, had $800 million in new net inflows on August 1, Och
said earlier this month. The firm also benefited when the New
Jersey Division of Investment committed in late
July to invest $600 million with Och-Ziff.
As one of only a few publicly traded hedge fund firms,
Och-Ziff often ranks high in public pension funds searches for
new hedge fund managers, winning praise for its conservative
management style and general lack of drama, industry consultants
and investors have said.
The firm's Chairman and CEO Daniel Och acknowledges its
popularity in his trademark low-key style. "We believe we are
consistently one of the top managers of choice for
multi-strategy absolute return funds and are attracting a
leading share of new flows," he told investors and analysts on a
conference call earlier this month.
Still he was coy about naming current and potential clients
saying only "We continue to have an active dialogue with current
and prospective fund investors globally".
In May at the Robin Hood Foundation's annual gala, where Och
serves on the board as a vice chair, his style was also on
display as he stood out by blending in.
Och was networking, to be sure, but unlike some of his
flashier rivals, he was not mobbed by well-wishers or reporters.
Instead, with a glass of red wine in hand, he held intense
one-on-one discussions with Congressman Eric Cantor and Goldman
Sachs chief Lloyd Blankfein among others.