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California pension adds $70m to private equity, debt, HFs

The $862 million Merced County Employees’ Retirement Association (MCERA) continues to add to its alternatives portfolio, with another $70 million going to a wide variety of funds in the space in April and May.

The public retirement system has a number of alternatives portfolios, such as, private equity ($41 million), private real estate ($60 million), opportunistic credit ($41 million), hedge funds ($77 million) and real assets ($49 million).

At trustees May 14 meeting, three new funds were selected. Sculptor Capital (formerly Och Ziff) saw a $15 million allocation to the Sculptor Special Credit Opportunities Domestic Partners fund. A total of $7.6 million committed to the Marlin Heritage Europe Fund II, a private equity fund managed by Marlin Equity Partners.

The third allocation this month was to the Thoma Bravo Discover Fund III and totaled $8 million, according to MCERA plan administrator Kristen Santos.

In April, another $39 million in capital moved to a variety of alternative strategies.

Cerberus received a $7 million commitment for its Cerberus Real Estate Debt Fund. Another debt fund, Silver Point Specialty Credit II, received an $8 million ticket.

In the venture capital space, an $8 million commitment was made to Summit Partners Venture Capital Fund V.

In the hedge fund arena, Marshall Wace and Taconic picked up mandates. A total of $9 million was invested in the Marshall Wace Global Opportunities Fund and another $2 million was allocated to the Taconic Hedge Fund.

In real estate, an $5 million commitment was made to the Vanguard REIT fund as a placeholder for redemptions from UBS.

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