Merced County (Calif.) Employees' Retirement Association hired KKR & Co. and Morgan Stanley Investment Management to each run a $10 million infrastructure portfolio, said Steven Bland, plan administrator.
The $651 million pension fund began a shortlist search in June after creating a new 3% target allocation to infrastructure in December. The two managers were the only finalists.
The decision on a funding source was deferred to a later meeting, Mr. Bland said.
Investment consultant Strategic Investment Solutions assisted.
