Kern County Employees' Retirement Association, Bakersfield, Calif., is searching for a manager to run up to $225 million in a publicly traded midstream energy portfolio.
The $4.5 billion pension fund issued an RFP as a result of the recent creation of a 5% target to midstream energy, said Daryn Miller, chief investment officer, in an email.
The new target is being funded by a reduction in the target to core/core-plus fixed income to 14% from 19%. No managers are currently being terminated, Mr. Miller said in an earlier email.
The RFP is available on KCERA's website. Proposals are due at 2 p.m. PDT on May 1. A timeline for a decision has yet to be determined.