Investors - DECEMBER 15, 2014

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Retirement plan issues RFP for energy dislocation fund

by Reg Clodfelter

The $12 billion Orange County Employees Retirement System has issued a request for proposals for investment strategies that can favorably exploit the recent dramatic drop in crude oil prices. (West Texas Crude, one of the two global benchmarks for crude oil prices, dropped below $60 a barrel on Dec. 14, the lowest level since 2009, and has dropped more than $45 per barrel since summer.)

“We are exploring the available options to deploy our capital strategically and timely in light of the recent plunge in crude oil prices and the anticipated shake-out in the American energy industry,” explained Girard Miller, chief investment office with OCERS, in a statement. “OCERS will consider both equity and debt strategies in this competitive procurement.”

As Miller stated, OCERS is interested in equity strategies in the dislocated energy marketplace as well as debt and credit strategies that can exploit the recent credit-market washout in the

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