Kern County Employees' Retirement Association, Bakersfield, Calif., made a new commitment and new direct hedge fund investment totaling $80 million, said Daryn Miller, chief investment officer.
The $4.6 billion pension fund's board on Nov. 5 approved an investment of $50 million in Davidson Kempner Multi-Strategy Fund, a multistrategy hedge fund managed by Davidson Kempner Capital Management.
As of Sept. 30, KCERA's actual allocation to hedge funds was 12.9%; the target is 10%.
Hedge fund consultant Albourne Partners assisted.
Also, the board approved a commitment of $30 million to distressed debt fund Peak Rock Capital Fund III.
As of Sept. 30, the actual allocation to private credit was 3.7%; the target is 5%.
Private markets consultant Cambridge Associates assisted.