The $4.3 billion Kern County (Calif.) Employees' Retirement Association (KCERA) has approved a new target allocation for its midstream energy asset class.
The pension fund will now have a 5 percent target allocation to the asset class, which will be funded by a reduction in the target allocations to fixed income and cash.
KCERA is expecting to make a new hire for the asset class in the future, but a timeline for that part of the process has not yet been determined.
KCERA did not respond to requests for comment at the time of publication.
