KCERA outlines 2023 PERE Pacing Plan

Kern County Employees Retirement Association has published its private markets pacing plan for 2023.

Name: Kern County Employees Retirement Association
HQ: Bakersfield, US
AUM: $5.2 billion
Allocation to private real estate: 2.3%

Kern County Employees Retirement Association has announced its private markets pacing plan, 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 current private real estate allocation of 2.3 percent is below the target of 5 percent, which includes RE secondaries. The remaining 10 percent is equally divided between private debt and private equity.

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

The firm also announced its target allocation for strategies within its private real estate portfolio. It is targeting 20-50 percent of its real assets allocation for opportunistic, the same as its target allocation for value-add.

The pension fund’s recent commitments have predominantly focused on the value-add strategy in North American.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.