Merced County (Calif.) Employees' Retirement Association committed $8 million to Taconic Commercial Real Estate Dislocation Fund III.
The $1.1 billion pension fund's board approved the commitment to the opportunistic real estate debt fund managed by Taconic Capital Advisors at its meeting Tuesday, said Kristen Santos, retirement plan administrator.
The pension fund previously committed $5 million to Taconic Commercial Real Estate Dislocation Fund II in 2018.
As of Jan. 31, the actual allocation to opportunistic credit was 6.2%; the target is 5%.
