Orange County Employees Retirement System, Santa Ana, Calif., committed a total of $384 million to 10 alternative investment funds.
The $20.5 billion pension fund committed $100 million each to Waterton Residential Property Venture XV, a value-added multifamily real estate fund, and Strategic Value Capital Solutions Fund II, an event driven and special situations private and public credit fund managed by Strategic Value Partners.
The pension fund committed €46 million ($49 million) to Eighth Cinven Fund, a European buyout fund
OCERS also committed $40 million to Accel-KKR Capital Partners VII, a buyout fund. Pension fund officials committed a combined $40 million to four Asia-focused venture capital and growth equity funds managed by GGV Capital: GGV Capital IX, GGV Capital IX Plus, GGV Discovery IV U.S. and GGV Discovery IV Asia.
The pension fund committed $35 million to Insight Partners XIII, a venture capital and growth equity fund, and $20 million to Greenoaks Capital Opportunities Fund V, a venture capital and growth equity technology fund.
The pension fund has invested with all of the managers in the past.
Separately, OCERS board on Feb. 22 adopted a real estate investment plan for 2023 in which the pension fund will commit $75 million to $150 million to one or two non-core real estate investments but will not make any new commitments to core real estate. OCERS has a 7% real estate target — 60% of that portfolio targeted for core and 40% targeted for non-core; as of Sept. 30, the pension fund's actual allocation to real estate was 8% and OCERS had 60.6% in core and 39.4% in non-core real estate.
OCERS' board also adopted a private credit investment plan in which it plans to commit $150 million per year on a rolling three-year basis. OCERS has about $802 million in credit and a 7% target allocation to credit.