Merced County (Calif.) Employees' Retirement Association committed $7.5 million to private equity fund Blue Road Capital, said Steven Bland, retirement administrator of the $651 million pension fund, in an e-mail.
Blue Road Capital invests in agriculture and commodities companies.
Separately, the pension fund's board on Thursday voted to bring in value-added real estate managers to a board meeting in coming months for a potential $10 million commitment. Funding will come from the pension fund's investment in UBS Trumbull Property Fund, managed by UBS Global Asset Management, which is overweight at about $37 million. Investment consultant Strategic Investment Solutions will provide a shortlist of firms.