Merced County (Calif.) Employees' Retirement Association committed a total of $8 million to two venture capital funds managed by Khosla Ventures.
The $961 million pension fund's board approved the commitments of $6 million to Khosla Ventures VII and $2 million to Khosla Seed funds at its meeting Thursday, said Kristen Santos, retirement administrator.
As of Aug. 31, the actual allocation to private equity was 5.2%.
Private equity and hedge fund consultant Cliffwater assisted.
