The $15.7 billion Orange County (Calif.) Employees Retirement System has released a detailed report on its first quarter 2018 real estate performance.
Since inception for the period ended March 31, 2018, OCERS’ real estate portfolio has delivered a 9.1 percent net internal rate of return (IRR) and a 1.5x investment multiple. OCERS’ closed-end investments have generated a 13.2 percent net IRR and a 1.3x investment multiple. OCERS’ open-end investments have generated an 11 percent net IRR and a 1.7x investment multiple.
In other news, the pension fund recently committed $75 million to Almanac Realty Securities Fund VIII, a value-added real estate vehicle that makes growth-capital investments into real estate operating companies, often in a structured or debt format, primarily in the United States.
Orange County has a target allocation to real estate of 10 percent.
