Kern County ERA Commits to Real Assets; Terminates EM Equity Manager

The Kern County Employees’ Retirement Association approved the commitment of $40 million to the ITE Rail Fund, according to notes from the November 1st meeting. 

Additionally, the board approved the termination of Alliance Bernstein Emerging Markets Strategic Core Strategy. A replacement has not yet been determined. Funds will be temporarily invested in the passive Mellon Emerging Markets Stock Index Fund.

As of October 20th, 2023, the $5 billion Retirement Fund has a real and target allocation to private equity of 3.9% and 5.0% respectively.

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