Orange County Employees Retirement System, Santa Ana, Calif., committed $75 million to Stonepeak Infrastructure Fund IV, said a report for the Aug. 26 meeting of the $17.1 billion pension fund's investment committee.
The fund managed by Stonepeak Infrastructure Partners, is expected to invest in high quality assets in the transportation and logistics, power and utilities, midstream energy, water and communications sectors.
OCERS is also terminating two funds. It is fully redeeming the $191 million invested in the PIMCO Dynamic Bond Fund, a corporate credit fund, and $64 million from agriculture fund UBS AgriVest Farmland Fund.
It terminated the PIMCO fund as a result of a new asset allocation adopted in March, which decreased the corporate credit allocation target to 1% from 2.5%. OCERS officials terminated the UBS fund as a result of the new target allocation to real assets, which dropped to 5% from 8% and includes a zero percent allocation to agriculture with a near-term target range of zero percent to 5%.
Separately, OCERS placed its $148 million investment in the Mondrian International Small Cap Equity Fund on its watchlist due to key personnel changes. In July, Frances Cuthbert, senior portfolio manager, resigned from Mondrian; she had been with the firm since 1999. Ms. Cuthbert was replaced by Charl Basson, portfolio manager who has been with the firm since 2016.
