SANTA ANA, Calif. — Orange County Employees Retirement System is looking to make additional real estate commitments to reach its 10% allocation, said Keith Bozarth, chief executive officer.
The board asked the $5 billion system's real estate committee to revisit its strategy within six months to make more commitments, Mr. Bozarth said.
Separately, the system committed an additional $50 million each to American Realty Advisors and CB Richard Ellis, said Mr. Bozarth. American Realty Advisors now runs $180 million and CB Richard Ellis manages $135 million. Funding will likely come from cash.
The fund's allocation to real estate, including these latest commitments, is 8.5%.