The investment committee of the $17.7 billion Orange County Employees Retirement System, Santa Ana, Calif., committed $255 million to three alternative investment funds.
OCERS invested $140 million to a global macro fund, Alpstone Global Macro Fund, managed by Alpstone Capital, that will focus on discretionary global macro and relative value trading strategies. The fund had $1.9 billion as of Sept. 30.
OCERS also committed $75 million to Digital Colony Partners II, an infrastructure fund that would invest in data centers, cell towers and digital billboards, among other investments, managed by Digital Colony.
The fund also committed $40 million to CVI Credit Value Fund V, a North American and European distressed credit fund managed by CarVal Investors.
Separately, OCERS adopted a private credit pacing plan to commit $125 million to $200 million a year for three years.
According to the private credit pacing plan unveiled Monday, OCERS officials plan to commit $50 million to $100 million each to two to three funds each year.
OCERS has a 2.5% target allocation to private credit, following a move in April by the investment committee that reduced the fund's private credit allocation from 3%.