Kern County Employees' Retirement Association, Bakersfield, Calif., approved commitments totaling up to $125 million at the Dec. 13 board meeting, said Daryn Miller, chief investment officer.
Specifically, the board approved a commitment of up to $25 million to Blue Owl Strategic Equity Fund; up to $25 million to Oak Hill Advisors Structured Products Fund III; and up to $75 million to Blue Owl Capital Real Estate Fund VI.
Blue Owl Strategic Equity Fund is a buyout fund managed by Blue Owl Capital; Oak Hill Advisors Structured Products Fund III is a buyout fund managed by Oak Hill Advisors.
KCERA had assets of about $5.3 billion as of Sept. 30. As of that date, the pension fund had an actual allocation of 4% to private equity (target allocation of 5%) and a 5.5% actual allocation to core real estate (target of 5%).
