# Orange County Employees' Retirement System

Orange County Employees' Retirement System is a Pension Fund based in Santa Ana, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Santa Ana, United States
- **Region:** North America
- **Address:** PO Box 1229, Santa Ana, CA 92701, United States
- **Founded:** 1945
- **Assets under management:** 24530 (Altss estimate)
- **Website:** ocers.org
- **LinkedIn:** https://www.linkedin.com/company/myocers

## Regulatory record

- **Reports private funds:** No

## About

The Orange County Employees' Retirement System was established in 1945 to deliver retirement, death, and disability benefits. Steve Delaney leads day-to-day operations as CEO while the Board of Retirement, chaired by Richard Oates, retains fiduciary oversight. The system serves employees of Orange County and affiliated districts. OCERS allocates across public equities valued at approximately $12.65 billion, income strategies at $4.18 billion, and real assets at $3.34 billion. Private-equity commitments include Clearlake Capital Partners VIII and TPG Partners IX. Real-estate holdings encompass Asana Partners Fund IV, Cerberus Institutional Real Estate Partners VI, and LBA Logistics Value Fund X. Geographic exposure spans the United States and select international markets through global public-equity and opportunistic real-estate mandates. The system employs external consultants including Meketa Investment Group and Aksia. It maintains a headquarters building in Santa Ana and participates in industry events such as the SACRS Spring Conference in May 2024. OCERS also holds exploratory exposure to digital assets through a Bitcoin allocation. Governance rests with the Board of Retirement, whose members include safety and general employee representatives. This structure separates investment policy from administrative execution and requires periodic actuarial review by Segal Consulting.

## Sectors

- Private Equity
- Real Estate
- Infrastructure
- Public Equity

## People

- Molly Murphy — Chief Investment Officer
- Steve Delaney — Chief Executive Officer
- Richard Oates — Chair of the Board of Retirement
- Shanta Chary — Director of Investments

## Questions

### Who runs investment decisions at OCERS?

Molly Murphy serves as Chief Investment Officer and oversees the investment program. The ten-member Board of Retirement approves asset allocation targets and monitors performance.

### Does OCERS participate in fund commitments or only direct deals?

OCERS commits capital as a limited partner to private-equity, real-estate, and infrastructure funds. Holdings include commitments to Asana Partners Fund IV, Blackstone GP Stakes III, and Stonepeak Opportunities Fund II.

### What asset classes does OCERS currently target?

Target allocations include 15 percent to private equity, with additional exposure to public equities, real estate, and risk-mitigation strategies. The system also maintains allocations to commodities and digital assets.

### Which external advisors does OCERS retain?

Meketa Investment Group acts as general investment consultant. Aksia provides private-equity and hedge-fund advisory services. State Street serves as custodian.

### How is OCERS governed?

A ten-member Board of Retirement sets policy and selects managers. The board includes representatives from safety members, general members, and appointed positions.

### What is OCERS known posture on co-investments?

OCERS invests primarily through fund commitments rather than direct co-investments. Its private-market exposure occurs via limited-partnership interests in established funds.

## Related profiles

- [Lockheed Martin Ventures](https://altss.com/profile/lockheed-martin-ventures)
- [Sarasin & Partners](https://altss.com/profile/sarasin-partners)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/orange-county-employees-retirement-system

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