Orange County Employees Retirement System (OCERS) has approved a $50m (€47.7m) commitment to LBA Realty’s latest US industrial fund.
The pension fund disclosed in a board meeting document that it has placed the capital into LBA Logistics Value Fund X, a fund seeking to raise $2.5bn.
The pension fund’s commitment will mark its first non-core real estate investment for 2024. This year, OCERS set a pacing plan of $225m for non-core real estate, targeting two to four investments under this strategy.
OCERS added Oaktree Capital Management as a new manager with a $50m commitment to the Oaktree Power Opportunities Fund VII, a fund seeking to raise $2.5bn to invest mostly in North America, with 15% to 25% allocated to Europe.
The Oaktree fund will focus on sectors such as electric power, natural gas, wastewater and other energy and utility-related businesses.
OCERS disclosed that it is also considering a $100m commitment to a diversified infrastructure fund as part of its investment pipeline.
The pension fund has set a $450m real assets pacing plan for 2025, with most of the investments directed toward infrastructure through four to six commitments, each ranging from $50m to $100m.
As part of the plan, OCERS also intends to liquidate its remaining agriculture separate account.
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