Tulare County Employees' Retirement Association, Visalia, Calif., approved commitments totaling $62 million.
The $1.9 billion pension fund committed $22 million to Audax Private Equity Fund VII, a buyout fund managed by Audax Group; $20 million to buyout fund Clayton, Dubilier & Rice Fund XII; and $20 million to buyout fund Gridiron Capital Fund V.
The commitments were reported at the Nov. 15 board meeting by Verus Consulting, TCERA's discretionary manager for private markets.
The Audax fund targets middle- and lower-middle market companies in North America in the business services, consumer, financial services, healthcare, software and technology sectors.
The Clayton, Dubilier & Rice fund invests mostly in medium to large companies in North America and Western Europe, focusing on the healthcare, information technology, business product, consumer product, service and industrial sectors.
The Gridiron Capital fund targets business-to-business and business-to-consumer sectors and invests in companies with total enterprise values between $150 million and $600 million.
A TCERA spokesperson said the pension fund has made no commitments to prior funds of these managers.
As of Oct. 31, the pension fund had a 7.5% actual allocation to private equity; its target is 12%.