The Merced County (Calif.) Employees' Retirement Association (MCERA) is backing the Cerberus Real Estate Debt Fund with a $7 million commitment.
MCERA could not be reached to comment on the investment at the time of publication.
Managed by Cerberus Capital Management, the debt fund was launched in September 2019. Cerberus invests in debt and equity of commercial and residential properties and portfolios, as well as directly into REOCs and platforms.
Texas County & District Retirement System committed $150 million to the fund in March.
As of March 31, Merced had a 6.9 percent allocation to private real estate, with an 8 percent target to the asset class.
