Orange County Employees Retirement System (OCERS) is investing in listed real estate and infrastructure via a Waterfront Capital Partners fund.
The pension fund said in a meeting document that it has approved a $50m (€41.5m) commitment to Waterfront CP Master Fund, a $465m fund targeting real estate and infrastructure-related securities.
The fund seeks annualised net returns of 7% to 8% and a volatility of 5% to 7% over a market cycle.
The commitment is the second investment OCERS has made under its Unique Strategies portfolio, an asset class with a 0% to 5% allocation.
The $17.7bn pension fund has also approved a $75m commitment to Oaktree Real Estate Opportunities Fund VIII, an opportunity fund with a $4.5bn hard cap fundraising target.
In July last year, IPE Real Assets reported that OCERS was issuing $400m worth of redemptions from its core open-ended real estate fund managers as part of an ongoing asset allocation overhaul which includes reducing its real estate portfolio.
OCERS said in the meeting document that it has received $88m in a redemption request for its investment in the Morgan Stanley Prime Property Fund. The pension fund had an investment in the fund valued at $318m, as of 30 July 2020.
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