Merced County ERA Commits to Private Equity, Venture Capital

According to meeting materials from the December 14, 2023 board meeting, the Merced County Employees’ Retirement Association has approved three commitments totalling $17 million to private equity and venture capital. 

In private equity, $8 million was allocated to Carnelian Energy Fund V. 

A combined $9 million was committed to Spark Capital VIII and Spark Capital Growth V, private equity partnerships focused on venture capital investments in the internet and technology sectors. $3 million was allocated to Spark Capital VIII and $9 million was allocated to Spark Capital Growth V. The commitments must be made simultaneously to both funds. 

Private markets consultant, Cliffwater, assisted with these recommendations.

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