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Alternative Assets  + Hedge Funds  |  March 8, 2024
Kern County Employees’ Retirement Association
Joe Palmisano
By: Joe Palmisano

KCERA Taps Private Markets, Hedge Funds

The Kern County Employees’ Retirement Association, which has a $5.1 billion portfolio, added two funds to its private markets and hedge fund investments in February.

Pension officials have authorized a $50 million commitment to Juniper Capital as part of its private market portfolio. The Houston-based firm partners with management teams to offer capital to increase the value and productive potential of oil and gas properties in the U.S.

Hedge fund Elliott Associates received a $65 million pledge while officials were asked to allow the termination of Sculptor Domestic Partners II, which handled $48 million for KCERA as of June 30. Elliott is new to the KCERA hedge fund portfolio, which returned 6.8% in the fiscal year ended June 30, 2023.

According to recent meeting records, the system has a total portfolio weight of more than 12% in private markets due to increased fund commitments and capital call activity.

The current pacing implies that KCERA will reach its 18% target around 2026, officials said. The policy weight for hedge funds is 10% and as of November 2023 the allocation was 10.3%.

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Kern County Employees’ Retirement Association

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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