Kern County Employees’ Retirement Association, Bakersfield, Calif., committed $50 million to Abbott Capital Management and $25 million to Pantheon Ventures for private equity funds of funds, said David Deutsch, executive director of the $1.5 billion system. Funding came from reducing a $167 million S&P 500 index fund run by Barclays Global Investors. Also, the system hired BGI to run a $100 million alpha-tilt enhanced S&P 500 index fund. Funding came from terminating a $60 million Fidelity enhanced S&P 500 index fund due to 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.
