OCERS approves rebalancing of $150m in real estate commitments

The $15.8 billion Orange County (Calif.) Employees Retirement System has approved the rebalancing of $150 million from a generalist U.S. core open-end real estate manager to two specialist (U.S. core diversified niche property and U.S. core industrial) managers, according to OCERS Extra, board meeting notes from the pension fund. No further information was provided.

In June, OCERS approved a preliminary plan for real estate commitments, structure and ranges, according to a board meeting report. The key elements of the new plan approved by the investment committee include tactically rebalancing the portfolio toward a 60/40 mix of core/noncore, rebalancing geographical U.S. exposures while tactically considering non-U.S. opportunities, targeting new commitments of ± $75 million on average and limiting manager concentration to 15 percent of the total private real estat