Kern County Employees' Retirement Association, Bakersfield, Calif., is searching for its first private markets consultant, said Daryn Miller, chief investment officer, in an email.
The $4.2 billion pension fund issued an RFP for a consultant to advise the pension fund on its private credit, private equity and private real assets portfolios. The target allocation for each asset class is 5%.
Mr. Miller said the hiring of a consultant will begin the launch of a new private equity program in which the primary aim will be direct contracts with general partners; KCERA has traditionally invested with private equity funds of funds in the past.
The RFP is available on KCERA's website. Proposals are due at 2 p.m. PDT on May 8. A timeline for a decision has yet to be determined.