Stanislaus County Employees' Retirement Association, Modesto, Calif., committed $20 million to Audax Private Equity Fund VII.
The $2.5 billion pension fund completed the commitment to the middle-market buyout fund managed by Audax Group on Nov. 4, according to a memo to the board from Stan Conwell, retirement investment officer, included with Dec. 6 board meeting materials.
It is the pension fund's first commitment to an Audax buyout fund.
As of Oct. 31, StanCERA's actual allocation to private equity was 5.5%; the target is 5%.
Mr. Conwell could not be immediately reached for further information.