Orange County Employees Retirement System (OCERS) is planning to issue up to $250m (€224m) of commitments to non-core real estate strategies during its 2020 fiscal year, the pension fund disclosed in a meeting document.
IPE Real Assets previously reported that the $15.87bn pension fund intended to invest an undisclosed amount in non-core funds targeting US industrial and apartment markets.
In the meeting document, OCERS said it is considering making one to two new commitments, each ranging from $75m to $125m.
The Townsend Group has advised OCERS to be flexible with the size of its commitments, using its core real estate portfolio to provide liquidity if needed.
As reported in June last year, OCERS is also planning to rebalance its core open-ended real estate fund portfolio.
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