Kern County Employees Retirement Association, Bakersfield, Calif., committed $50 million to Abbott Capital Management and $25 million to Pantheon Ventures for their private equity funds of funds, according to David Deutsch, executive director. Funding will come from reducing a $167 million S&P 500 index fund run by Barclays Global Investors. Also, the $1.5 billion system hired BGI to run a $100 million alpha-tilt enhanced S&P500 index fund. Funding came from terminating a $60 million Fidelity enhanced S&P500 index fund because of performance; the remaining $40 million came from the BGI S&P 500 fund.
"Kern County has chosen to go in another direction for their domestic equities, but we continue to have a positive long-term relationship with Kern County, managing a portion of their real estate investments, said John Brockelman, Fidelity spokesman.