Orange County Employees Retirement System (OCERS) has approved $150m (€139.5m) worth of new real estate and infrastructure commitments.
The pension fund disclosed in a meeting document that it has placed $75m each into the Cerberus Institutional Real Estate Partners VI and Stonepeak Infrastructure Fund V funds managed by Cerberus Capital Management and Stonepeak Infrastructure Partners respectively.
As previously reported, Cerberus is seeking to raise $3bn and a hard cap of $3.5bn for the a global opportunistic fund. The fund is expected to invest across the capital structure in direct real estate assets and entities with significant real estate exposure and real estate-related debt, including non-performing loans.
As previously reported, the Stonepeak is seeking to raise $15bn for Fund V, which is planning to make 12 to 15 investments in North American companies across energy transition, transportation, logistics, and communications, with each deal ranging from $500m to $1.5bn and held for 5-7 years.
Fund V seeks an internal rate of return of 12% net and 15% gross, with the bulk of the returns coming from asset appreciation versus yield.
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