Orange County Commits $340M across Opportunistic Credit, Real Estate, Private Equity Co-Investments

The Orange County Employees Retirement System (OCERS) has disclosed $340 million in alternative investments, according to meeting materials from the August 24 Board meeting. 

Opportunistic Credit

$150 million was committed to Silver Rock Orange Fund, managed by Silver Rock Financial. The Fund is an opportunistic credit investment that targets growth-oriented investments that are recession resistant. As of June 30, 2022, OCERS has an actual and target allocation to opportunistic credit of 0.5% and 1.5% respectively.

Real Estate

$125 million was committed to Cortland Growth and Income Fund. The Core Plus real estate fund is focused on multifamily properties. Additionally, $50 million was committed to EQT Exeter Industrial Value Fund VI. Fund VI, will target value-add opportunities in the U.S. As of June 30, 2022, OCERS has an actual and target allocation to real assets of 13% and 12% respectively.

Private Equity Co-Investments

$5 million was committed to co-investment fund, MPII-COI-NMI, managed by ArchiMed. The fund will focus on leveraged buyout co-investments in a U.S. healthcare company. Finally, $10 million was committed to Project Alpine Co-Invest Fund, managed by Thoma Bravo, which will focus on leveraged buyout co-investments in a global cloud-based connected planning software. As of June 30, 2022, OCERS has an actual and target allocation to private equity of 16.9% and 13% respectively.

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