Merced County (Calif.) Employees' Retirement Association plans to commit between $10 million and $13 million to a value-added real estate fund, said Steven Bland, retirement administrator of the $651 million pension fund, in an e-mail.
The pension fund at its Aug. 27 board meeting discussed four potential commitments and voted to invite Patron Capital Advisers to present Patron Capital V at a future meeting.
Mr. Bland also said if the board seeks a different or additional manager, it will look into American Strategic Value Realty Fund, an open-end value-added fund managed by American Realty Advisors.
A timeline for a final decision has yet to be determined.