Kern County Allocates $305M to Emerging Markets Equity, Private Markets

Kern County Employees’ Retirement Association has approved five investments to emerging market equities and private market funds totalling $305 million at their August 14th board meeting.

Four of the five investments were made to real estate funds, including two commitments to Sculptor Real Estate Fund V and Sculptor Real Estate Fund V Related Co-Invest. $50 million was allocated to the opportunistic real estate strategy. $10 million was allocated to the co-investment fund Sculptor Real Estate Fund V Co-Invest. 

Additionally, $30 million was allocated to Covenant Fund XII, a real estate value add strategy. 

$50 million was allocated to TPG Angelo Gordon Essential Housing Fund III, a real estate debt fund strategy. 

In private credit, $25 million was allocated to the opportunistic fund Fortress Credit Opportunities VI. 

Also approved at the board meeting was the selection of ABS Emerging Markets and Carrhae Capital Emerging Markets Equities Fund. $70 million is allocated to each emerging market equity manager. 

As of March 31, KCERA has a market value of $5.7 billion.

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