Merced County (Calif.) Employees’ Retirement Association committed up to $5 million to Taurus Funds Management's Taurus Mining Finance Fund Annex Fund, said Thomas Watson, plan administrator, in an e-mail.
The $665 million pension fund’s board approved the commitment at its Aug. 25 meeting. The natural resources fund finances the mining of copper, gold and metallurgical coal. The pension fund previously committed up to $5 million to Taurus Mining Debt Fund in 2015.
Natural resources falls within the pension fund’s real assets allocation. The target is 6%. The actual allocation as of June 30 was 0.8%.
Investment consultant Verus assisted.