Merced County (Calif.) Employees' Retirement Association committed $5 million to infrastructure fund KKR Global Infrastructure Investors III, managed by KKR & Co., said Kristen Santos, retirement plan administrator, in an email.
The $811 million pension fund previously committed $10 million to KKR Global Infrastructure Investors II in 2014. The pension fund's infrastructure target is 3%; as of Dec. 31, the actual allocation was 1.6%.
Private equity and hedge fund consultant Cliffwater assisted.
