Investors - JANUARY 31, 2014

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Orange County commits $125 million to real estate

by Reg Clodfelter

The $11.1 billion Orange County Employees Retirement System has committed a total of $125 million to two separate real estate funds, the Oaktree Real Estate Debt Fund and the True North Real Estate Fund III. Robert Kinsler, communications manager with OCERS, has confirmed the commitments.

The retirement system committed $75 million to Oaktree Real Estate Debt Fund, a $700 million dollar fund managed by Oaktree Capital. The debt fund launched in April 2013 and pursues investments in CMBS, first mortgages, subordinated secured debt, mezzanine debt and corporate debt. It is targeting a levered gross return of 12 percent.

OCERS also committed $50 million to True North Real Estate Fund III, with a minimum of $25 million initially and no more than 20 percent of the total fund’s assets under management. The

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