Kern County Employees' Retirement Association, Bakersfield, Calif., committed $35 million to Warren Equity Partners Fund III.
The $4.6 billion pension fund's board approved the commitment to the lower-middle-market buyout fund in a teleconference meeting Wednesday.
As of Oct. 31, the pension fund's actual allocation to private equity was 1.3%; its target is 5%.
Private markets consultant Cambridge Associates assisted.
Also, the board approved the full redemption of KCERA's investment in Myriad Opportunities Offshore Fund, a multistrategy hedge fund managed by Myriad Asset Management. As of Oct. 31, KCERA had $55 million invested in the Myriad fund.
Daryn Miller, chief investment officer, said in the meeting that he and hedge fund consultant Albourne Partners recommended the redemption due to organizational changes at the firm and significant changes in the fund's strategy. He said it will take until the end of 2021 to have all the capital returned.
KCERA's actual allocation to hedge funds as of Oct. 31 was 12.8%; the target is 10%.
Albourne Partners assisted.
