Merced County (Calif.) Employees’ Retirement Association made private equity and direct lending commitments totaling $20 million, confirmed Maria L. Arevalo, plan administrator.
The $620 million pension fund committed $10 million each to a private equity fund managed by Ocean Avenue Capital Partners and a direct lending fund managed by Raven Capital Management.
Investment consultant Strategic Investment Solutions assisted.
Separately, the pension fund named Steven Bland as its new plan administrator, effective March 31. Ms. Arevalo said she is retiring.
Mr. Bland is currently the retirement administrator and chief investment officer for the city of Alexandria, Va., overseeing the city’s $120 million Deferred Compensation Plan, $25 million post-employment benefit trust, and the $16 million Retirement Income Plan for Firefighters and Police Officers.
Mr. Bland could not be reached by press time.