Searches And Hires
The retirement system added a maiden 5% private credit target as part of a newly approved asset allocation in September.
The recommended core bond hire represents “one of the final steps in realizing the restructuring of KCERA’s overall fixed income portfolio” from 2023.
The fund approved issuing RFPs for infrastructure strategies and private equity strategies in December at its November board meeting.
The investment program was created earlier this year to provide state entities with funds for opportunities to invest in private equity funds, venture capital, growth funds and direct investments in companies based in the state.
The retirement system is conducting the search ahead of its incumbent’s contract expiration.
The investment program was created this year by state statute.
The retirement system will seek a core fixed-income manager to handle 11% of its fixed-income portfolio.
The city is seeking a firm to provide services for its $33 million investment portfolio.
The commitments were part of a 2026 private equity recommendation from general investment consultant Marquette Associates.
The plan is also expected to reduce positions in U.S. small-cap and explore enhanced indexing as parts of an overall global equity portfolio roadmap discussed last week.