Investors - FEBRUARY 3, 2015

Orange County commits $175m to energy

by Reg Clodfelter

Following an RFP issued last month, the Orange County Employees Retirement System has committed $175 million, divided between two managers, to invest in energy, confirms Robert Kinsler, communications manager with OCERS.

The RFP was for managers to run portfolios focused on energy market dislocation opportunities presented by the price drop in oil.

The larger of the two investments is a $100 million commitment to Brigade Capital Management for Brigade Energy Fund, which is reportedly a custom portfolio between the firm and the retirement system. The remaining $75 million was committed to direct lending manager Tennenbaum Capital to be invested in high-quality energy credits.

Both of the investments are housed in OCERS’ diversified credit bucket, which currently has 7.6 percent of OCERS’ $11.9 billion in assets under management, short of its 10 percent target allocation.

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