Orange County redeems investment from UBS AgriVest Farmland Fund
By Jon Peterson
Orange County Employees Retirement System (OCERS) is redeeming its $64.1m (€53.6m) investment in the UBS AgriVest Farmland Fund as it seeks to move its agriculture allocation to zero to help reduce its real assets target weighting.
In April this year, IPE Real Assets reported that the pension fund was reducing its allocation to real assets from 22% to 17% as it winds down its timber investments and to move its agriculture allocation to zero.
In a meeting document, OCERS said it expects to file a request for its investment from the UBS AgriVest Farmland Fund at the end of the month, adding that it will take a while before it receives the capital due to the $875.2m Farmland fund’s redemption queue.
OCERS has been an investor in the fund since 2010.
The $17bn pension fund’s real assets portfolio still has a 3% allocation to infrastructure and 2% for energy.
OCERS has made its first new real assets investment in 2020 with a $75m commitment to the Stonepeak Infrastructure Fund IV.