The $25 billion Orange County (Calif.) Employees Retirement System (OCERS) recently committed $50 million to Grain Spectrum Holdings V, an opportunistic infrastructure fund managed by Grain Management.
Grain Management makes innovative private investments in broadband technology. Although this is OCERS’ first commitment to Grain Spectrum Holdings V, a spokesperson for the pension fund confirmed OCERS previously invested $50 million in Grain Spectrum Holdings III, which closed at $1.5 billion in October 2020.
OCERS’ real assets portfolio, which includes infrastructure, is valued at more than $3 billion. As of March 31, OCERS had a 12.8 percent allocation to real assets against a 13 percent target. Infrastructure makes up 30 percent of the pension fund’s real assets portfolio.
