LACERA approves $250m in commitments

The US public pension has also disclosed investments made alongside approved managers.

Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, US
AUM: $66.36 billion
Allocation to alternatives: 25.4%

Los Angeles County Employees’ Retirement Association has committed $250 million across three private equity vehicles, according to the pension’s April 2021 investment board meeting document.

The commitments comprised $110 million to TA XIV; $100 million to Veritas Middle Market Fund; and $40 million to TA Select Opportunities Fund II.

In addition to the fund commitments, the pension also disclosed investments made alongside managers. Investments included $15 million alongside Storm Ventures; $20 million each alongside Onex Partners and Lightyear Capital.

As illustrated below, LACERA’s recent private equity commitments have been to buyout and venture capital vehicles within North America and Asia-Pacific. The pension has a 10 percent target allocation to private equity that currently stands at 12.4 percent.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.