Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, US
AUM: $60.73 billion
Allocation to alternatives: 28.7%
Los Angeles County Employees’ Retirement Association has approved $280 million-worth of commitments to private equity funds, according to the pension’s November 2020 investment board report.
The commitments comprise $150 million to Centerbridge Capital Partners Fund IV and $130 million to GGV Capital VIII, including parallel vehicles GGV Capital VIII Plus and GGV Discovery III. Both commitments are re-ups with the pension’s existing managers.
As illustrated below, LACERA’s recent private equity commitments have been to buyout and venture capital vehicles. The pension has a 10 percent target allocation to private equity that currently stands at 11.5 percent.
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