The Orange County Employees Retirement System (OCERS) announced a series of commitments in several alternative funds, ranging from private equity, private credit, domestic and global equities, amounting to $1.8B, along with three manager terminations and its intention to increase allocation to private equity as part of 2025 private equity pacing plan.
In recently published materials from its August 28 meeting, Orange County ERS made allocations to the following funds:
- Thoma Bravo Fund XVI (middle market buyout): $50M
- Thoma Bravo Discover V (middle market buyout): $25M
- H.I.G. Capital Partners VII (middle market buyout): $45M
- Investindustrial VIII (middle market buyout): €30M ($32M)
- Trident X (middle market buyout): $50M
- Stellex Capital Partners III (lower middle market buyout): $60M
- H.I.G. Meraki Co-investment (co-investment): $10M
- Aurora Co-Invest L.P.(co-investment): $10M
- Silver Rock Orange Fund Series 2024 (opportunistic private credit): $150M
- Driehaus U.S. Small Cap Growth (US equities): $274M
- Parametric EAFE (international equities): $1.1B
Alongside these recent commitments, the pension’s investments team also decided to liquidate investments in three funds: Eagle Asset Management US Small Cap Growth, Waterfront Capital Partners long-short REIT strategy, and BlackRock EAFE Index Fund, with proceeds from the Eagle Asset fund to be transferred to Driehaus.
Finally, Orange County ERS also disclosed a 2025 pacing plan that would increase allocation in private equity investments as it approved a new target weight of 15%, up from 13%, which translates to a target allocation of $750M composed of individual investments of between $20M and $100M.
