Orange County Employees’ Retirement System is unsure when it will return to the private equity real estate market due to its lack of liquidity in this area. It has not made any new commitments in H2 2009 to date, due to the state of real estate market and its being over weighted to private equity real estate. It is over weighted because many of its capital commitments are yet to be drawn down. However, it has not lost confidence in private equity real estate and if its liquidity situation eases it may invest again at some point in 2010. The pension fund has yet to formulate a strategy for private equity real estate investment in the future, rather it will form a strategy once it has capital available to commit.
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