Orange County Employees Retirement System (OCERS) is planning to invest $150m (€141.5m) in real estate this year, the pension fund’s real estate consultant, Townsend Group, disclosed in a meeting document.
According to Townsend, the capital set aside for real estate in 2023 will split evenly into two non-core funds as it expects a period of market correction leading to more investment opportunities.
OCERS has no plan to issue new core real estate commitments but will evaluate current core open-ended positions and consider further rebalancing or consolidating certain positions to help boost returns.
Back in 2020, OCERS issued a full redemption of its investment in the Jamestown Premier Property Fund.
The pension fund still remains in an exit queue to redeem the $63m it has held in the Jamestown fund.
The pension fund ended 2022 with a $100m commitment to Waterton Residential Property Venture XV, a fund seeking a $2bn capital raise with a $2.5bn hard cap.
OCERS made $225m worth of real estate commitments in 2022 but had set a real estate pacing plan of $425m for the period.
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