Kern County Employees' Retirement Association, Bakersfield, Calif., approved two commitments totaling $70 million at its June 12 board meeting.
Specifically, the board approve a $45 million commitment to Quantum Capital Solutions II, a buyout fund managed by Quantum Energy Partners, and a $25 million commitment to distressed debt fund Castlelake Aviation V Stable Yield, confirmed Rafael Jimenez, senior investment analyst at the $5.7 billion pension fund.
The Castlelake fund targets investments in the aerospace and defense sectors.
A KCERA spokesperson confirmed that both Quantum Energy and Castlelake are news managers for the pension fund.
As of April 30, KCERA's actual allocation to private equity was 4.2%; the target is 5%.
