Kern County Invests $205M in Fixed Income, Distressed Private Credit

The investment committee of Kern County Employees’ Retirement Association (KCERA) is mobilizing a total investment allocation of $205M to fixed income and distressed private credit strategies.

According to recently published materials for its October 9 meeting, the committee is recommending approval of a $180M commitment to fixed income fund KKR US Broadly Syndicated Loan Fund. That follows on the pension’s decision in September to terminate two Western Asset Management fixed income mandates, as previously reported by Dakota.

KCERA also said it closed on a $25M investment with distressed private credit strategy Fortress Credit Opportunities Fund VI on October 1. That investment follows a $25M commitment the pension made to Magnetar Structured Solutions Fund, a structured private credit strategy, in September.

As of August 31, KCERA had an allocation of 6% to private credit against a target weight of 8%, and 15.5% in fixed income against a 25% target.

Written By: Dakota

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Kern County Invests $205M in Fixed Income, Distressed Private Credit

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