A dramatic $400 million expansion into private equity, private debt and private real estate is underway at one California County pension system.
The moves at $4.5 billion Kern County Employees’ Retirement Association (KCERA) reflect the aim to have each of the three private market allocations total 5% of the overall portfolio or roughly $675 million in all, according to a presentation given at a recent trustee meeting.
Private equity currently totals $72 million at Kern County with room to grow by at least $153 million. Starting its investment in the space in 1998, the . . .
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