Orange County Employees Retirement System (OCERS) is planning to invest up to $400m (€369.2m) in real assets in 2024, the pension fund disclosed in a board meeting document.
The pension fund expects most of the new allocation next year, which is expected to be between $50m and $100m per commitment, to be placed into infrastructure and energy funds.
The infrastructure investment strategy includes renewing commitments to current infrastructure managers and exploring mid-market opportunities in the sector.
OCERS will also work towards the completion of a planned liquidation of its final agriculture account, according to the document.
OCERS also disclosed that it has added Stonepeak Infrastructure Partners and LS Power Equity Advisors to its infrastructure manager lineup via $125m worth of commitments.
The pension has placed $50m into the Stonepeak Opportunities Fund and $75m into the LS Power Equity Partners V fund.
IPE Real Assets previously reported that Stonepeak is seeking a $2.5bn capital raise for the fund which will mainly invest in energy transition, transportation/logistics, digital and social infrastructure sectors in Europe and North America. The fund is expected to have a $3bn hard cap.
US power and energy infrastructure manager LS Power has also set a $2.5bn fundraising target for its fifth private equity fund,
OCERS also has approved a $75m commitment to Oaktree Capital Management’s latest opportunistic real estate fund. Oaktree Real Estate Opportunities Fund IX is seeking to raise $6bn.
The fund’s first close was completed in April, with a target date of December for the final close, according to the meeting document.
Oaktree declined a request for comment.
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