LACERA approves $100m commitment

The US public pension has backed an Asia-Pacific biomedical growth fund.

Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Los Angeles, United States
AUM: $54.84bn
Allocation to alternatives: 29.40%

The Los Angeles County Employees’ Retirement Association has agreed to commit $100 million to LAV Biosciences Fund V, according to a contact at the pension. The venture capital fund, launched by Lilly Asia Ventures, will invest in the life sciences and healthcare sectors.

The $54.84 billion public pension system has a 10% target allocation to private equity that currently stands at 10.3%.

As illustrated in the charts below, LACERA has allocated 29.40% to alternative assets. Its commitment to LAV Biosciences Fund V is the first of 2019.

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