Merced County commits $13m to real estate

The $632.5 million Merced County (Calif.) Employees’ Retirement Association has committed $13 million to Patron Capital V, according to recent meeting documents.

The value-added fund is managed by Patron Capital Advisors and is seeking €750 million ($821.5 million) in equity commitments. The fund will invest in Western Europe and will seek out distressed business where the value of the business is less than the underlying property. The Arizona Public Safety Retirement System invested $40 million in the fund earlier this year.

MCERA has a 6 percent target allocation to real estate and a 6.7 percent actual allocation to the asset class.