Orange County Employees Retirement System, Santa Ana, Calif., committed $54.8 million to two alternative investment funds, Stina Walander-Sarkin, senior investment analyst, reported to the investment committee Wednesday.
The $19.3 billion pension plan committed $35 million to Genstar Capital Partners X, a middle-market buyout fund. She said that OCERS had wanted to commit $50 million to the fund but the manager cut back the pension fund's allocation because it was nearing its hard cap. Genstar announced the fund's first and final closing of $10.2 billion on April 5, according to a news release.
OCERS also committed €16.5 million ($19.8 million) to FSN Capital VI, a Nordic region buyout fund.
Separately, the committee voted to launch a private equity co-investment program that would commit 10% of its annual private equity transactions alongside current general partners. The program is targeting 10 investments of up to $10 million per transaction with a target deal size of $5 million. In 2021, OCERS plans to commit $550 million to private equity.