Merced County approves $10m commitment

The US public pension has backed Cortec Group's latest buyout fund.

Institution: Merced County Employees Retirement Association
Headquarters: Merced, United States
AUM: $859.85m
Allocation to alternatives: 17.11%
Bitesize: $5-10m

Merced County Employees Retirement Association has agreed to commit $10 million to Cortec Group Fund VII, according to the pension’s latest meeting minutes. The seventh series private equity fund will target North American buyouts.

The $859.85 million public pension has a 15.0 percent target allocation to private equity which currently stands at 4.57 percent.

As illustrated below, Merced County has made five commitments to private equity funds with a 2019 vintage, which combined constitute $29 million.

Platinum subscribers may click here for the pension’s full profile, including key contacts, allocation strategy and fund investments.