Kern County Commits $30M to Level Equity PE Funds

The Kern County Employees' Retirement Association (KCERA) has approved an investment of $30M in two private equity growth funds, according to recently published materials related to its November 6 board meeting.

The pension committed $15M each to Level Equity Growth Partners VI and Level Equity Opportunities Fund 2025, both seeking majority and minority equity investments in lower-middle-market software companies operating in the US.

KCERA also confirmed that it has completed its planned funding to fixed income credit vehicle KKR US Broadly Syndicated Loan Fund, to which it had allocated $180M, as reported by Dakota on October 9.

KCERA currently oversees plan assets of approximately $5.8B, which as of October 29 included 4.5% in private equity against a policy target of 5%.

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