Merced County (Calif.) Employees' Retirement Association committed a total of up to $36 million to alternative investment funds.
The $1.1 billion pension fund's board at its Nov. 18 meeting approved commitments of up of $20 million to the levered sleeve of Ares Senior Direct Lending Fund II, a direct lending fund managed by Ares Management; and up to $8 million each to growth equity fund Accel-KKR Growth Capital Partners IV and middle-market buyout fund GTCR Strategic Growth Fund I, said Kristen Santos, retirement plan administrator, in an email.
As of Sept. 30, the actual allocations to private equity and opportunistic credit were 9.1% and 6%, respectively; their respective targets are 15% and 5%.
