Orange County Employees Retirement System, Santa Ana, Calif., will conduct an asset-liability study later this year, said Keith Bozarth, CEO of the $5 billion system. The regularly scheduled study will be conducted after the system chooses a consultant in late spring. Incumbent Callan Associates is one of the candidates.
Separately, the board decided to invest its entire 5% alternative investments allocation in private equity. "The decision was based on a desire to focus alternatives allocation on return enhancement," Mr. Bozarth said.
The board also decided to invest the remainder of its 10% real estate allocation - about $65 million - in enhanced commingled funds as the "most efficient way to obtain diversified exposure" to real estate, he said. Mr. Bozarth said search parameters will be formed over the next few months, and no timetable has been established.