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FUNDRAISING NEWS | January 22, 2025
The Merced County Employees’ Retirement Association approved a $6M allocation to the second iteration of GTCR’s middle market growth fund series while also voting to reduce its private equity annual budget from $50M to $40M.
According to recently published minutes from its December 12, 2024, board meeting, the California-based pension unanimously voted in favor of the commitment to GTCR Strategic Growth Fund II, representing a follow-on to its $8M investment in the fund’s predecessor in 2021, per Dakota data. Prior to its Fund II allocation, Merced County also previously committed $8M to GTCR’s middle market buyout Fund XIV in 2022.
Concurrently, the pension board approved to cut its yearly allocation to private equity from $50M to $40M, following a presentation on the proposed capital budget by Merced County’s private equity consultant Cliffwater. The new annual budget is expected to be divided into fewer commitments representing larger individual investments.
Cliffwater assisted the pension in discussions for both decisions. As of June 30, 2024, Merced County oversees total plan assets valued at $1.25B.
Written By: Dakota
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