The board of Kern County Employees' Retirement Association, Bakersfield, Calif., approved a commitment of up to $40 million to ITE Rail Fund, a real assets and natural resources fund managed by ITE Management that fund targets the rail industry.
The commitment was made at the Nov. 1 board meeting.
Daryn Miller, chief investment officer at KCERA, confirmed this was the fund's first such commitment to ITE.
As of Sept. 30, KCERA had $5.3 billion in assets.
