Merced County (Calif.) Employees' Retirement Association made two new commitments totaling $10 million, recently released board meeting minutes show.
The $816 million pension fund's board at its June 28 meeting approved commitments of $5 million each to Accel-KKR Growth Capital Partners III, a mezzanine debt fund focused on the technology industry, and Technology Crossover Ventures X, a late-stage growth equity fund.
As of May 31, the pension fund's private equity allocation was 4.2%; the target is 9%.
Private equity and hedge fund consultant Cliffwater assisted.
Kristen Santos, retirement plan administrator, was not available to provide further information.
