Searches and Hires

Kern County slates $150 million for TPG special situations contingent fund

Kern County Employees' Retirement Association, Bakersfield, Calif., committed $150 million to TSSP Adjacent Opportunities Contingent Fund, a special situations/distressed debt fund managed by TPG, said Daryn Miller, chief investment officer of the $4 billion pension fund, in an email.

TPG is forming the fund on a contingent basis with no capital to be called initially to capitalize on opportunities resulting from possible disruption to the credit markets. It can be activated at TPG's discretion upon market disruption-creating buying opportunities.

Mr. Miller said the commitment falls within the pension fund's opportunistic allocation, which currently has no exposure and a target of zero with a zero to 10% range.

General investment consultant Verus Advisory and private markets consultant Albourne America assisted.