Merced County (Calif.) Employees' Retirement Association committed $10 million to middle-market buyout fund Cortec Group Fund VII, said Kristen Santos, retirement plan administrator, in an email.
It is the $858 million pension fund's first commitment to a fund managed by Cortec Group.
As of Aug. 31, the pension fund's actual allocation to private equity was 4.8%; the target is 15%.
