Orange County commits $75m to real estate fund

The $15.7 billion Orange County (Calif.) Employees Retirement System has committed $75 million to Almanac Realty Securities Fund VIII, according to Robert Kinsler, communications manager for the pension fund.

Almanac Realty Securities VIII is 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.

The fund has also previously received a $50 million commitment from Employees’ Retirement System of the State of Hawaii.

The fund’s predecessor, Almanac Realty Securities VII, held a $1.42 billion final close in June 2015, exceeding its $1 billion equity fundraising target. Approximately $1.26 billion was raised for the main fund, and an additional $160 million was raised in equity commitments to sidecar co-investment vehicles.

Orange County has a target allocation to real estate of 10 percent. ​