The Merced County Employees’ Retirement Association has disclosed three alternative investments totaling up to $38 million, according to meeting minutes from the February 23 board meeting.
Up to $20 million was committed to the private credit fund, Ares Capital Europe VI.
In private equity, up to $10 million was allocated to the buyout fund, Cortec Group VIII. In addition, up to $8 million was allocated to the buyout fund Genstar Capital XI.
As of January 31, 2023, the $1.1 billion pension fund allocates 13.4% to private equity and 8.8% to private credit. They have target allocations of 15% and 10% to private equity and private credit respectively.
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