Orange County Employees Retirement System, Santa Ana, Calif., committed $50 million to Oak HC/FT Partners IV venture capital and growth equity fund, Reginald Tucker, managing director told the $19.8 billion pension plan's investment committee.
OCERS last invested with Oak HC/FT Partners in 2019, Mr. Tucker said at the committee's March 24 meeting. The current fund, which would invest in health care and fintech, primarily in the U.S., has already surpassed its $1 billion fundraising target, he said.
During a report at the same meeting, OCERS CIO Molly A. Murphy said staff is researching blockchain and cryptocurrency.
"It's not an investable idea at this point," Ms. Murphy said. But the topic has stayed in everybody's thoughts, noting that Federal Reserve Chairman Jerome Powell had called it a speculative currency in recent congressional testimony, she said.
"We don't trade currency," Ms. Murphy said.
But, she added, it's good to know why people choose cryptocurrency as an alternative to traditional currency and what impact it will have on traditional currency.