Kern County Employees' Retirement Association, Bakersfield, Calif., hired Cambridge Associates as its first private markets consultant.
The $4.2 billion pension fund's board approved the investment committee's recommendation to hire the firm at its meeting Wednesday, said Daryn Miller, chief investment officer, in an email.
KCERA issued an RFP in April for a consultant to assist in the launch of a new private equity program in which the primary aim will be direct contracts with general partners; the pension fund has traditionally invested with private equity funds of funds in the past.
As of Sept. 30, the actual allocation to private markets was 6.7%; the target is 15%.
