Merced County (Calif.) Employees' Retirement Association committed $5 million to private equity fund Cressey & Co. Fund VI, said Kristen Santos, retirement plan administrator, in an email.
It is the $808 million pension fund's first commitment to a fund managed by Cressey & Co.
As of March 31, the pension fund's actual allocation to private equity was 4.3%; the target is 9%.
Private equity and hedge fund consultant Cliffwater assisted.
