Merced Employees' Commits $8M to Summit PE Growth Fund

The Merced County Employees’ Retirement Association (Merced CERA) approved a commitment of $8M to Summit Partners Growth Equity Fund XII, according to recently published minutes from its August 22 board meeting. 

Cliffwater assisted with the recommendation. The commitment is the latest in an ongoing relationship for Merced with Summit. 

Per Dakota data, Merced CERA manages $1.2B in assets. As of March 31, the fund allocated 14.5% to private equity with a policy target of 15%. Within the private equity portfolio, the target strategy diversification consists of 60% to buyouts, 20% to venture/growth, and 20% to opportunistic. 

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