Tulare County Employees’ Retirement Association, Visalia, Calif., hired Kleinwort Benson Investors to manage about $37.5 million in water-related global equities, said David Kehler, retirement administrator.
KBI will run the $37.5 million in its commingled fund, KBI DST Water Fund, rather than a separate account.
The commitment was approved as part of the $1.3 billion pension fund’s new 3% allocation to global equities.
Funding will come from rebalancing, primarily within the pension fund’s $321 million domestic equity and $316 million international equity portfolios, Mr. Kehler said.
