Orange County Places Another $75M With Abbott

The $8 billion Orange County Employees Retirement System recently promised $75 million to Abbott Capital Private Equity Investors 2010 LP, a fund of funds earmarked for commitments to venture capital, buyout and special situation vehicles. The county pledged the same amount to Abbott Capital’s 2009 fund.

In addition to Abbott Capital, the county is an investor with funds-of-funds managers Adams Street Partners, HarbourVest Partners and Mesirow Financial Private Equity. The advisor has previously backed funds managed by GTCR Golder Rauner, Madison Dearborn Partners, Providence Equity Partners and TCW among others.

Orange County intends to fund the private equity program at an annual commitment pace of $150 million to achieve vintage year diversification.

As of Sept. 30, the pension fund’s alternative investments portfolio stood at 2.2 percent; the county has a target allocation to the asset class of 5 percent, with a range of 3 percent to 7 percent. Alternative investments may include venture capital, corporate finance, buyouts, energy, oil, gas and timber. Callan Associates serves as the LP’s general consultant.