Orange County Employees Retirement System has committed $50m (鈧�43.8m) to a fund managed by Grain Management, a firm specialising in broadband technology and communications assets.
The pension fund disclosed in a board meeting document that it made the capital commitment to Grain Spectrum Holdings V, a fund seeking to raise $1.5bn.
Grain Spectrum V was set up to acquire the 800MHz spectrum band from T-Mobile, a divestment mandated by the SEC following the T-Mobile/Sprint merger. Grain acquired the spectrum at an attractive cost.
Orange County said the commitment to the Grain fund is its first real assets investment this year.
For 2025, the pension fund plans to invest $450m in real assets through four to six fund commitments. Orange County also plans to co-invest a total of $85m in real assets and real estate in the current year.
The pension fund said it has also approved a $6m commitment to the EnCap DE V co-investment, marking its first co-investment of the year.
The EnCap strategy gives Orange County a direct exposure to an operating platform asset in the Permian Basin鈥檚 upstream oil sector.
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