The Orange County Employees Retirement System (OCERS), based in Santa Ana, California, manages approximately $8.7 billion in total assets. OCERS allocates 7% to hedge funds, 5% to private equity funds, and 13% to real return strategies which includes real estate as well as direct energy (1.5%), agriculture (1.5%), timberland (2.2%), and commodities (2.2%). OCERS' commodities allocation includes an active vehicle managed by Schroders and a passive vehicle managed by PIMCO.The firm does not conduct any hedge fund manager research in-house, and Callan Associates manages all aspects of manager research and due diligence. OCERS does conduct due diligence on real estate and private equity funds in-house. The firm invests only through funds of funds in the private equity space, and only through single-manager real estate funds.