LACERA approves $125m commitment

The US public pension has backed a North America-focused buyout vehicle.

Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, US
AUM: $70.94 billion
Allocation to alternatives: 26.6%

Los Angeles County Employees’ Retirement Association approved a $125 million commitment to Webster Capital V at its July 2021 investment board meeting, according to the pension’s investment board report.

The fund, managed by Webster Equity Partners, is a mid-market buyout fund focusing on investments in the healthcare sector. The fund’s predecessor, Webster Capital IV, held a final close at $875 million in September 2018, surpassing its target of $650 million.

As illustrated below, LACERA’s recent private equity commitments have been to vehicles employing a variety of strategies primarily in North America and Europe. The pension has a 17 percent target allocation to private equity that currently stands at 13.6 percent.

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