Orange County Employees Retirement System, Santa Ana, Calif., committed a combined $110 million to alternative investments, staff reported to the board for its Wednesday meeting.
The $20 billion pension fund committed $50 million to EnCap Flatrock Midstream Fund V, a midstream energy real assets fund managed by EnCap Flatrock Midstream, a partnership between EnCap Investments and Flatrock Energy Advisors.
OCERS also committed $35 million to Genstar Capital Partners XI, a buyout fund investing in middle market and large companies in the financial services, health care, software and industrials sectors run by Genstar Capital Partners.
The pension fund committed $12.5 million each to Mayfield XVII, an early-stage venture capital fund and Mayfield Select III, a later-stage venture capital fund managed by Mayfield.
Separately, the board adopted a private equity pacing plan to commit $750 million in 2023 and $750 million in 2024. OCERS adopted the revised pacing plan in light of a new asset allocation adopted in April that increased its private equity target to 15% from 13%.
The board also approved a new real assets pacing plan to commit $350 million to $400 million to real assets in 2023. The board increased its pacing from $200 million to $250 million in commitments in 2023 that it had adopted in November. The board increased its real asset commitment pace in light of it increasing the pension fund's target allocation to the asset class to 6% from 5% in April.