KCERA outlines 2023 PE Pacing Plan

Name: Kern County Employees Retirement Association
HQ: Bakersfield, US
AUM: $5.2 billion
Allocation to private equity: 3.1%

Kern County Employees Retirement Association has announced its private markets pacing plan and a commitment of $30 million to ACCEL-KKR Capital Partners VII, according to its recent board meeting material.

The Bakersfield, California-based pension fund has a 15 percent long term target allocation for private markets. The target allocation for private equity is 5 percent, which includes venture capital and PE secondaries. The remaining 10 percent is equally divided between private debt and private real estate.

KCERA announced its PE commitment pacing plan for 2023 and 2024, which would be around $85 million in commitments for the year 2023 and the same for 2024.

The firm also announced its target allocation for strategies within its private equity portfolio. It is targeting 50-70 percent of its PE allocation for buyouts and 20-40 percent for growth equity and venture capital.

The pension fund’s recent commitments have predominantly focused on the North American region.

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