The Orange County Employees Retirement System (OCERS) is preparing to issue a request for proposal to solicit applications from potential external managers for its private equity programme, as reported by Secondaries Investor sister publication Private Equity International.
According to an OCERS statement from 29 September, the pension plan’s investment committee has authorised the chief investment officer, Girard Miller, to produce an RFP, which is expected to be posted on OCERS’ website between 29 October and 13 November.
The private equity portfolio of the Santa Ana-based pension fund, which manages $12.5 billion and allocates 5.2 percent of that to private equity, is currently overseen by four managers, Abbott Capital, Adams Street Partners, Mesirow Financial, and Pantheon Ventures. OCERS has committed previously to secondaries through Adams Street, according to PEI data.
The statement said the current managers are allowed to submit proposals individually.
The pension is currently in a “quiet period” as the CIO prepares the RFP, the statement said. Its overall portfolio returned 6.21 percent for the 2016 year to date, as of 31 August.
This announcement follows OCERS’ RFP issuance in January for a five-year general investment consultant. It also comes after news that another pension fund in the state, the Los Angeles City Employees’ Retirement System (LACERS), is “testing the market” and has issued an RFP for a potential new private equity investment advisor, as reported by PEI .
Some of the private equity commitments OCERS has recently made include $65 million to the $700 million Kayne Anderson Energy Fund VII, which closed in 2015, and $75 million to a separate account managed by Pantheon Ventures in 2015, according to PEI data.
OCERS’ next investment committee meeting is on 26 October.
OCERS was not available to comment at press time.