Orange County Employees Retirement System committed about $245 million to five alternative investment funds, a report for the board's Wednesday meeting showed.
The $21.5 billion Santa Ana, Calif.-based pension fund committed $75 million to EnCap Energy Capital Fund XII, a North American traditional energy fund managed by EnCap Investments; $50 million to American Industrial Partners Capital Fund VIII, a North American buyout fund managed by American Industrial Partners that invests in underperforming, undervalued and distressed industrial companies; and $50 million to TCG Crossover Fund II, a biotech fund managed by TCG Crossover Management that invests in private and public markets.
OCERS officials also committed $40 million to Altaris Health Partners VI, a North American middle-market health-care buyout fund; and €27 million ($30 million) to Investindustrial Growth III, a lower middle market buyout fund investing in Southern Europe managed by Investindustrial.
The pension fund also made a $50 million follow-on commitment to Ares Pathfinder II, an asset-backed credit and specialty finance fund managed by Ares Management, bringing its total commitment to the fund to $100 million; and an €8.5 million leveraged buyout co-investment with Cinven in Archer Technologies, a U.S. governance, risk and compliance software company. Cinven agreed to acquire Archer in April, according to a Cinven news release at the time.
