GLOBAL - The Orange County Employees Retirement System (OCERS) in the process of evaluating three new funds - managed by Angelo, Gordon & Co, Buchanan Street and Cornerstone Real Estate Advisors - as part of its value-added investment strategy.
OCERS said it had yet to decide how much to invest in each of the three funds - called AG Core Plus Realty Fund III, Buchanan Street Fund VI and Cornerstone Real Estate Fund VIII - although historically it has allocated around $25m (€18m) to each new investment.
In June, it invested $25m in the Prime Property Fund managed by Morgan Stanley Real Estate.
The search for another value-added manager represents a continuation of the pension fund's investment strategy in the sector, having already invested in CBRE Strategic Partners US Value 5, Fidelity Growth Fund III and AEW Value Investors Fund II.
At the end of May, the scheme had yet to fund any of its commitments to the three above, with outstanding funds amounting to $57m - $18m for AEW VIF II, $22m for Growth Fund III and $27m for Strategic Partners US 5.
Through August, Orange County Employees had a real estate portfolio valued at $644.5m, amounting to 8.3% of its $7.7bn in total assets. The fund is targeting a 10% overall exposure to property.