Kern County Employees' Retirement Association, Bakersfield, Calif., approved two new commitments totaling $60 million.
The $5.3 billion pension fund's board at its meeting Wednesday approved commitments of $30 million each to Crown Global Secondaries VI, a secondary private equity fund managed by LGT Capital Partners, and Parthenon Investors VII, a growth equity fund managed by Parthenon Capital Partners, said Daryn Miller, chief investment officer, in an email.
KCERA previously committed $50 million to Crown Global Secondaries V in 2020. Parthenon Capital is a new manager for the pension fund, Mr. Miller said.
As of Jan. 31, the pension fund's actual allocation to private equity was 3.3%; the target is 5%.