Merced (Calif.) County Employees Retirement Association committed a total of $20 million to private equity funds of funds run by INVESCO Private Capital, Adams Street Partners and Pomona Capital, said Richard Stensrud, CEO/plan administrator. INVESCO will run $10 million; Adams Street and Pomona will run $5 million each, pending contract negotiations, Mr. Stensrud said. The $385 million pension plan will fund the commitments, its first in private equity, mostly from its fixed-income portfolio, he said. Milliman USA assisted.
The plan's asset allocation is 51% domestic equity, 30% fixed income, 7% international equity, 6% real estate, 5% private equity and 1% cash.