Merced County (Calif.) Employees' Retirement Association committed $5 million to Taconic CRE Dislocation Fund II, an opportunistic credit fund, pending legal review of the fund, said Kristen Santos, retirement plan administrator, in an email.
It is the $811 million pension fund's first commitment to a fund managed by Taconic Capital Advisors.
As of April 30, the pension fund's hedge fund allocation was 5.6%; the target is 5%.
Private equity and hedge fund consultant Cliffwater assisted.
