Merced County (Calif.) Employees' Retirement Association made two new commitments totaling $13 million, said Kristen Santos, retirement administrator.
The $1.1 billion pension fund's board at its meeting Thursday approved commitments of $8 million to early stage venture capital fund Threshold Ventures IV and $5 million to lower-middle-market buyout fund Thoma Bravo Discover Fund IV.
The pension fund previously committed $8 million to Thoma Bravo Discover Fund III in 2020. This is its first commitment to a Threshold Ventures fund.
As of Sept. 30, the pension fund's actual allocation to private equity was 9.1%.