Alameda County Employees' Retirement Association, Oakland, Calif., committed up to $55 million to Audax Private Equity Fund VII.
The $11.4 billion pension fund's board approved the commitment to the middle-market buyout fund managed by Audax Group at its Sept. 15 meeting, spokesman Michael Fara said in an email.
ACERA previously committed up to $34 million to Audax Private Equity Fund VI in 2018.
As of March 31, the actual allocation to private equity was 8.6%; the target is 11%.
Investment consultant Verus Advisory assisted.
