Merced County (Calif.) Employees' Retirement Association committed a total of $9 million to two new venture capital funds managed by Spark Capital, said Kristen Santos, retirement plan administrator, in an email.
The $778 million pension fund committed $6 million to Spark Capital Growth Fund III and $3 million to Spark Capital VI.
As of Dec. 31, the pension fund's actual allocation to private equity was 4.9%.
