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Thursday, March 27, 2014

OCERS announces Pantheon as winner of collaborative procurement for private equity fund of funds mandate

Upon the recommendation of its Chief Investment Officer, working in collaboration with investment professionals from other public pension plans, the Orange County Employees Retirement System (OCERS) Investment Committee approved the selection of Pantheon as the winning manager in an intense, highly competitive selection process for a private equity fund of funds platform, at its March 26, 2014 meeting.

"We are delighted to see such positive results from this innovative ‘bundled’ procurement process, and will look forward to reviewing final documentation in the next month or so," said Chuck Packard, the chair of the OCERS board investment committee. "As one of the reviewers attending the semi-finals and finals selection sessions, I can attest to the judges’ unanimous selection of Pantheon in a rigorous selection procedure. Their offer is a game-changer for the industry."

The Pantheon investment platform will offer public pension plans a flexible private equity portfolio architecture including model portfolios for smaller systems and newcomers to private equity, while enabling consultants and CIOs of larger and more sophisticated public plans to construct individually customized portfolios that complement their other portfolio holdings – and modify them over time. "Pantheon’s investment platform was rated Best in Class by all judges, right along with their solid track record, strong global market presence -- and the size, tenure and experience of the investment team giving them superior access to scarce private equity partnerships. It shows up in their performance statistics, all the way down to the underlying GP level. We were impressed that they hold 270 advisory board seats globally," said Girard Miller, the OCERS Chief Investment Officer.

PIMCO’s Total Return strategy put on watch

In other action taken at the March 26 meeting, the Investment Committee voted to place PIMCO’s Total Return strategy on watch status and direct general investment consultant NEPC and OCERS' staff to conduct an exploratory search for an additional domestic fixed income portfolio manager. OCERS' policy is to put managers on watch related to personnel changes.

Supplemental Targeted Adjustment for Retirees Cost of Living Adjustment (STAR COLA) approved by Board of Retirement at its March 17, 2014 meeting

OCERS members who retired on or before April 1, 1980 will receive a Supplemental Targeted Adjustment for Retirees (STAR) Cost of Living Adjustment (COLA) beginning with their May 1, 2014 monthly allowance.

The Board of Retirement voted unanimously to approve the STAR COLA at its regular meeting on March 17, 2014.

STAR COLA applies to those members who have been retired the longest – currently only 529 members who retired on or before April 1, 1980 receive STAR COLA. STAR COLA is designed to restore purchasing power for retirees and survivors who have lost more than 20 percent of their purchasing power since retirement, as measured by the accumulation in a retired member’s COLA bank.


The next Investment Committee meeting will be held at 9 a.m. on Wednesday, April 30, 2014; the next regular Board of Retirement meeting will be held at 9 a.m. on Monday, April 21, 2014.


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