The Kern County Employees’ Retirement Association (KCERA) provides retirement benefits to employees of Kern County, California. With approximately $6 billion in total assets, KCERA operates under California’s County Employees Retirement Law of 1937.
Investment Strategy
KCERA maintains a diversified portfolio across public equities, fixed income, private equity, real estate, and other alternatives. The Board of Retirement sets strategic allocation targets informed by asset-liability studies. The investment program is designed to achieve the fund’s actuarial return target.
The alternatives program includes private equity commitments across buyout and growth strategies, as well as real estate through core and value-add funds. KCERA has been building its alternatives exposure to enhance long-term returns and diversify away from public markets.
How to Approach
Fund managers should contact the KCERA investment team in Bakersfield or engage through their consultant. KCERA evaluates managers based on track record consistency, team stability, and fee competitiveness. GPs should present a fund overview, track record, and strategy description.
Frequently Asked Questions
What is KCERA's alternatives allocation?
KCERA allocates approximately 15% of its $6 billion portfolio to alternatives including private equity and real estate. The fund has built a focused alternatives program over the past decade.
What types of private equity does KCERA invest in?
KCERA invests in buyout and growth equity funds through commingled vehicles. The fund also maintains real estate exposure through diversified fund structures. Typical commitment sizes are in the $15 million to $40 million range.
How can GPs approach KCERA?
GPs should contact the KCERA investment team in Bakersfield or their investment consultant. The fund evaluates managers based on performance, team depth, and fee structure. The Board of Retirement approves all new commitments.
