MCERA commits $10m to two real estate funds

The $821.1 million Merced County (Calif.) Employees’ Retirement Association (MCERA) has committed a total of $10 million to two real estate funds, according to Kristen Santos, retirement plan administrator for the retirement system.

MCERA committed $5 million each to AG Realty Value Fund X and Carmel Partners Investment Fund VII.

The first fund, AG Realty Value Fund X, is managed by Angelo, Gordon & Co., a global credit and real estate investment manager. Angelo, Gordon’s real estate strategy pursues a value-added investment approach across the globe, with a significant presence in the United States and Asia. The firm employs both domestically focused opportunistic and core-plus real estate strategies and a pan-Asia opportunistic real estate strategy.

The second fund, Carmel Partners Investment Fund VII, is managed by Carmel Partners, a real estate investment manager. The value-added fund will focus its investments in multifamily assets across the United States. The previous fund in the series, Carmel Partners Investment Fund VI, held a $1.025 billion final close in late 2016.

As of June 30, MCERA has a target allocation to private real estate of 8 percent and an actual allocation of 7.5 percent.