Ohio School Employees Retirement System, Columbus, made a direct hedge fund investment of $25 million in Oceanwood Peripheral European Select Opportunities Fund, a European bank multistrategy fund managed by Oceanwood Capital Management, said Tim Barbour, spokesman, in an e-mail to Pensions & Investments.

The $12.5 billion pension fund previously invested in Oceanwood Global Opportunities Fund in May 2014. The investment falls within the pension fund’s multiasset strategies allocation, the target of which is 13%. As of March 31, the actual allocation was 12.6%.