Merced County (Calif.) Employees' Retirement Association approved three new commitments totaling up to $17 million.
The $1.1 billion pension fund's board approved commitments of up to $8 million to Carnelian Energy Capital V, an oil and gas fund by Carnelian Energy Capital Management, and up to $6 million and $3 million, respectively, to venture capital funds Spark Capital Growth Fund V and Spark Capital VIII, at its Dec. 14 meeting, said Kristen Santos, retirement administrator.
The pension fund previously committed up to $8 million to Carnelian Energy Capital IV and up to $6 million and $3 million, respectively, to venture capital funds Spark Capital Growth Fund IV and Spark Capital VII, all in 2021.
As of Oct. 31, the actual allocations to private equity and real assets were 14.5% and 6.1%, respectively; the respective targets are 15% and 5%.