Kern County Employees' Retirement Association, Bakersfield, Calif., committed up to $30 million to LBA Logistics Value Fund IX.
The $5.5 billion pension fund's board approved the commitment to the value-added real estate fund managed by LBA Realty at its meeting Wednesday, said Daryn Miller, chief investment officer.
It is the pension fund's first commitment to a fund managed by LBA Realty, Mr. Miller said.
As of Aug. 31, KCERA's actual allocation to private real estate was 1.4%; the target is 5%.
Private markets consultant Cambridge Associates assisted.