Merced County (Calif.) Employees' Retirement Association committed $5 million to EnCap Energy Capital Fund XI, an oil and gas fund, said Kristen Santos, retirement plan administrator, in an email.
It is the $747 million pension fund's first commitment to an EnCap Investments fund.
The pension fund's target allocation to real assets is 6%; the actual allocation as of March 31 was 1.4%.
