Complementary Learning Systems theory holds that intelligent agents need two learning systems. Semantic memory is encoded in the neocortex with dense, overlapping representations and acquires structured knowledge. Episodic memory is encoded in the hippocampus with sparse, pattern-separated representations and quickly learns the specifics of individual experiences. Recently, this duality between semantic and episodic memories has been challenged by predictive coding, a biologically plausible neural network model of the neocortex which was shown to have hippocampus-like abilities on auto-associative memory tasks. These results raise the question of the episodic capabilities of the neocortex and their relation to semantic memory. In this paper, we present such a predictive coding model of the neocortex and explore its episodic capabilities. We show that this kind of model can indeed recall the specifics of individual examples but only if it is trained on a small number of examples. The model is overfitted to these exemples and does not generalize well, suggesting that episodic memory can arise from semantic learning. Indeed, a model trained with many more examples loses its recall capabilities. This work suggests that individual examples can be encoded gradually in the neocortex using dense, overlapping representations but only in a limited number, motivating the need for sparse, pattern-separated representations as found in the hippocampus.