The Merced County Employees Retirement Association (MCERA), which has $1.2bn in assets under management approved a new private equity commitment during its September board meeting, according to a report by Private Equity International.
The California-based public pension fund has committed $8m to the Summit Partners Growth Equity Fund XII. Managed by Summit Partners, the fund, which is aiming to raise $9bn, focuses on growth equity investments in North America and Western Europe. Its primary sectors of interest include healthcare, technology, media, telecommunications (TMT), and business services.
MCERA currently allocates 14.8% of its $1.2bn investment portfolio to private equity, just shy of its target allocation of 15%. The pension’s private equity portfolio is valued at approximately $183.7m.
