Merced County (Calif.) Employees' Retirement Association made three new private equity commitments totaling $17 million.
The $1.1 billion pension fund's board approved commitments of €8 million ($9 million) to Europe-focused growth equity fund Summit Partners Europe Growth Equity Fund IV, and $6 million and $2 million to venture capital funds Khosla Ventures VIII and Khosla Ventures Seed F, respectively, said Kristen Santos, retirement plan administrator, in an email.
The pension fund previously committed $8 million to Summit Partners Venture Capital Fund IV and $6 million to Khosla Ventures VII and $2 million to Khosla Ventures Seed funds, all in 2020.
As of Nov. 30, the pension fund's actual allocation to private equity was 13.2%; the target is 15%.
