So. Calif. Pension Set For Fund Of Funds, Private Equity Searches

May 28 2010 | 8:46am ET

A California public pension fund is boosting its private equity and cutting its hedge fund allocations, setting the stage for a series of p.e. and fund of hedge funds searches.

The Kern County Employees’ Retirement Association’s new asset allocation will put 10% of its assets in private markets, which replaces a 6% allocation to p.e. It is also trimming its hedge fund allocation to 5%, down from a 6% absolute return allocation that had been invested in hedge funds, Pensions & Investments reports.

In a memo to the Kern board, Wilshire Associates’ Eileen Neill said that changes will require searches for p.e., real asset and fund of funds managers.

An implementation plan is expected to be offered by Wilshire next month. Neill said putting the new asset allocation into place could take as long as two years.


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