Merced County (Calif.) Employees' Retirement Association committed up to $20 million to One William Street Credit Opportunity Fund.
The $1.1 billion pension fund's board approved the commitment to the structured credit fund managed by One William Street Capital Management at its meeting Thursday, said Kristen Santos, retirement plan administrator, in an email.
It is the pension fund's first commitment to a One William Street fund, Ms. Santos said.
As of March 31, the pension fund's actual allocation to opportunistic credit was 5.4%; the target is 5%.
