Merced County (Calif.) Employees' Retirement Association's board approved investments or commitments totaling $32 million at its meeting Thursday.
The $817 million pension fund made a direct investment of $9 million in long/short equity fund Marshall Wace Global Opportunities Fund and committed $8 million each to Silver Point Specialty Credit Fund II, a direct lending fund managed by Silver Point Capital, and Summit Partners Venture Capital Fund IV.
The fund also committed $7 million to Cerberus Real Estate Debt Fund, a real estate debt fund managed by Cerberus Capital Management, said Kristen Santos, retirement plan administrator, in an email.
The pension fund previously committed $8 million to Summit Partners Growth Equity Fund X in 2019 and invested $3 million to Marshall Wace Eureka in 2017.
As of March 31, the actual allocations to hedge funds, private real estate and private equity were 8.7%, 6.9% and 5.8%, respectively; their respective targets are 10%, 8% and 15%.