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Orange County Employees shifts away from office and retail sectors
Investors - APRIL 7, 2020

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Orange County Employees shifts away from office and retail sectors

by Kali Persall

The $17.3 billion Orange County Employees Retirement System (OCERS) is requesting a full redemption of $68.2 million from the Jamestown Premier Property Fund (JPPF).

The open-end, core-plus real estate Jamestown fund invests primarily in office and retail and is overweight to the latter sector. OCERS said these property types no longer match its portfolio objectives. The pension fund is looking to reduce its exposure to these property types while increasing its investments in industrial and apartment assets.

A spokesperson for OCERS noted that the partnership with Jamestown began in July 2015 with an initial commitment of $75 million. OCERS redeemed a portion of this capital ($20 million) in March 2018.

The same year, OCERS submitted a redemption request from ASB Allegiance Real Estate Fund and committed to both Kayne Anderson Core Real Estate Fund and Clarion Lion Industrial Trust.

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