Orange County Employees Retirement System, Santa Ana, Calif., committed a combined $212 million to six private equity funds, the $21.5 billion pension fund reported.
OCERS committed $75 million each to Pathlight Capital Fund II, a North American private credit fund; and Constellation Generation IV, a fund that would take minority stakes in U.S. and European alternative investment firms managed by Wafra. Wafra is a money manager that is owned by the $134 billion Public Institution for the Social Security of Kuwait, Kuwait City.
Pension fund officials also committed a total of $40 million to three venture capital funds managed by General Catalyst designed to invest in three of a company's early stages of development from creation to growth venture capital. OCERS committed $23.5 million to General Catalyst Group XI–Endurance, a growth venture capital fund; $9.5 million to General Catalyst Group XI–Ignition, to invest in a company's first or second round of financing; and $7 million to General Catalyst Group XI–Creation, a fund that would help form a company.
OCERS also committed $22 million to Greenoaks Capital Opportunities Fund IV, a venture capital fund that invests in early to late-stage technology companies.
OCERS has invested with General Catalyst in the past. The other managers are new relationships for the pension fund.
Private equity consultant Aksia TorreyCove Partners and general investment consultant Meketa Investment Group assisted.
