The $300 billion fund, known as Calpers, invests with firms including Och-Ziff Capital Management (OZM.N), Deepak Narula’s Metacapital Management and Bain Capital’s Brookside Capital and plans to pull the money out over the next year. Calpers has been investing in hedge funds for more than a decade, having been one of the first big-name funds to put money into the loosely regulated hedge fund industry in 2002.