Orange County Employees Retirement System at its June meeting approved its annual private equity pacing plan for 2021.
The system plans to make up to $550 million in private equity commitments next year, targeting 13 percent, board members said at the meeting. In 2019, OCERS’ PE exposure was at 10.3 percent.
Orange County plans to make between 10 to 13 commitments between $20 million to $100 million, meeting notes showed.
The system’s 2020 pacing plan was $500 million and its pacing plan for 2019 was between $400 million to $450 million, according to meeting notes.
OCERS set the annual range of commitments between $500 million and $650 million over the next seven years, meeting notes showed. The system’s private equity allocation makes up 11 percent of the portfolio’s, exceeding its 10 percent target, as of March 31.
Board members also approved a slew of private equity investments to funds from Vitruvian Partners, Thoma Bravo and Stellex Capital Management.
OCERS committed $75 million to Thoma Bravo’s 14th flagship fund, which is targeting $16.5 billion, according to data from Private Equity International. The system also pledged $50 million to Stellex’s Capital Partners II, which will focus on turnaround investments, manufacturing and industrial sector in the middle-market, according to Buyouts.
The system also pledged $25.1 million to corporate buyouts funds Vitruvian Investment Partnership IV, targeting €4 billion, PEI data showed.