OC
LP profile
Orange County Employees' Retirement System
Pension fund · Founded 1945 · Santa Ana, United States
161
VC firms backed
$23B
AUM
~$460M
Allocated to VC (est. 2%)
01 · Background
Who Orange County Employees' Retirement System is.
- Historical Background
- The Orange County Employees Retirement System (OCERS) was established on January 1, 1945, following Orange County voters' approval to adopt the County Employees Retirement Act of 1937. Initially serving fewer than 1,000 members, the system has since grown to manage the benefits for tens of thousands of public employees. A significant development occurred in 1962 when OCERS transitioned from a "money purchase plan" to a "defined benefit" plan, fundamentally changing how retiree benefits are calculated and secured.
- Source of Capital
- OCERS is a public pension fund, with its capital sourced from three primary streams: contributions from its active members (public employees), contributions from participating employers (the County and other local districts), and returns generated from its investment portfolio.
- Allocation Strategy
- OCERS allocates capital across a diversified range of asset classes, including global equity, fixed income, and a substantial commitment to private markets. The system's private equity portfolio is a key component of its long-term strategy, with a focus on partnerships with buyout, growth equity, and venture capital funds. According to its 2023 investment plan, OCERS has a strategic target allocation of 18% to private equity, which includes sub-allocations to venture capital (2%) and growth equity (4%).
02 · Fund commitments
The funds Orange County Employees' Retirement System backs.
Orange County Employees' Retirement System is a limited partner in 161 funds. 24 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
Accel
#4 Power Law
New Enterprise Associates
#8 Power Law
General Catalyst
#13 Power Law
Insight Partners
#23 Power Law
Redpoint
#42 Power Law
Benchmark
#47 Power Law
Spark Capital
#51 Power Law
Battery Ventures
#54 Power Law
Matrix Partners
#58 Power Law
Notable Capital
#61 Power Law
Menlo Ventures
#75 Power Law
BlackRock
#83 Power Law
Abingworth
AEW Invest
Alcentra Group
Altor Equity Partners
ArchiMed
Arcmont Asset Management
Brevan Howard Asset Management
CBC Group
CDC Enterprises
Cinven
Cross Ocean Partners
EQT Group
EQT Ventures
OCP Asia
Orchid Asia Group Management
03 · Allocation
How Orange County Employees' Retirement System’s fund book is spread.
The 161 funds Orange County Employees' Retirement System backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters.
- North America 13282%
- Europe 2516%
- Rest of world 42%
United States 131 · United Kingdom 15 · Sweden 4 · France 3
How established those managers are
Managers grouped by how many funds they have raised — across the 114 of 161 with a fund history on record.
Emerging funds · 40
Established funds · 74
17
1
9
2
14
3
8
4
19
5-6
20
7-9
15
10-14
12
15+
Funds raised by the manager
04 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to Orange County Employees' Retirement System by combined power-law score — North America first, then the nearest worldwide.
🇺🇸
The Pension Benefit Guaranty Corporation (PBGC)
$123B AUM
105 VC funds backed
🇺🇸
Lucent Technologies Master Pension Trust
$13B AUM
52 VC funds backed
🇺🇸
Bell Atlantic Master Trust
$8.0B AUM
55 VC funds backed
🇺🇸
MGB Erisa Master Trust
$3.8B AUM
46 VC funds backed
🇺🇸
Nevada Public Employees Retirement System
$53B AUM
61 VC funds backed
🇺🇸
LACERA
$73B AUM
131 VC funds backed
🇺🇸
Washington State Investment Board
$190B AUM
99 VC funds backed
🇺🇸
New York State Common Retirement Fund
$298B AUM
120 VC funds backed