Orange County Employees Retirement System (OCERS) is planning to invest up to $225m (鈧�184.3m) in real estate in the fiscal 2022 year beginning in July.
According to the $19.5bn pension fund鈥檚 meeting document, all of the proposed capital will be invested in non-core funds.
A part of the investment plan during the period could including topping up commitments to existing managers in the pension fund鈥檚 portfolio.
OCERS also plans to further explore niche investment opportunities that are expected to generate 鈥渙utsized risk-adjusted returns鈥� or provide a level of diversification to the portfolio.
The pension fund, which seeks to lower its core real estate exposure 鈥� to 7% from 9% 鈥� is still in the redemption queues of several of its core open-ended funds.
The pension fund鈥檚 real estate consultant, The Townsend Group, said in the meeting document that OCERS will continue to evaluate current core open-ended positions and consider further rebalancing to focus on boosting returns and deliver appropriate core portfolio objectives.
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