Orange County Employees Retirement System (OCERS) intends to add industrial and apartment specialists to its real estate fund manager line-up this year, according to a board meeting document.

The decision, based on the recommendations of consultant The Townsend Group, is to help increase the pension fund’s weighting to the property types.

At the end of last year, OCERS had invested 13% and 26% of its real estate portfolio in industrial and apartment assets, respectively, below its targets of 20% and 28%.

The $15.87bn (€14.1bn) pension fund plans to invest an undisclosed amount in close-ended non-core real estate funds.

The pension fund is also planning to increase its 35% exposure to US West Coast real estate to help reach its 40% target.

As reported in June last year, OCERS is planning to rebalance its $1.1bn core open-ended fund portfolio.

In the board meeting document, OCERS said the plan to rebalance a portion of the core portfolio is expected to be completed by the end of next year.