Kern County Employees' Retirement Association, Bakersfield, Calif., committed $50 million to Crown Global Secondaries V, a fund managed by LGT Capital Partners that focuses on acquiring private equity stakes in global secondary markets.
It is the $4.5 billion pension fund's first commitment to a fund managed by LGT Capital, said Daryn Miller, chief investment officer.
As of July 31, KCERA's actual allocation to private equity was 1.2%; the target is 5%.
Private markets consultant Cambridge Associates assisted.
