The $15.7 billion Orange County (Calif.) Employees Retirement System has approved a preliminary plan for real estate commitments, structure and ranges, according to a board meeting report.

The key elements of the new plan approved by the investment committee include tactically rebalancing the portfolio toward a 60-40 mix of core/noncore; rebalancing geographical U.S. exposures while tactically considering non-U.S. opportunities; targeting new commitments of $75 million or more, on average; and limiting manager concentration to 15 percent of the total private real estate program.

In late 2017, OCERS committed $100 million to Waterton Residential Property Venture XIII, according to Robert Kinsler, communications manager for the pension fund. Waterton Residential Property Venture XIII is managed by Waterton Associates, a real estate investor and property management company with a focus on U.S. multifamily apartments and hospitality properties.

The retirement system