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Kern County assigns $70 million to real estate – Pensions & Investments

Kern County Employees’ Retirement Association, Bakersfield, Calif., made two new real estate commitments totaling up to $70 million.

The $5.1 billion pension fund’s board at its meeting Wednesday approved commitments of up to $40 million to Landmark Real Estate Partners Fund IX, a real estate secondary market fund managed by Landmark Partners, and up to $30 million to Covenant Apartment Fund XI, a value-added real estate fund managed by Covenant Capital Group, said Daryn Miller, chief investment officer, in an email.

KCERA previously committed up to $60 million to Landmark Real Estate Partners Fund VIII in 2018 and up to $30 million to Covenant Apartment Fund X in 2020.

As of June 30, the pension fund’s actual allocation to private real estate was 1.7%.

Private markets consultant Cambridge Associates assisted.


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