LACERA committee approves co-investment programme expansion

The US public pension plans to fill a hole in demand left by investors.

Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, US
AUM: $57.76 billion
Allocation to alternatives: 29.3%

Los Angeles County Employees’ Retirement Association‘s equity committee approved its plan to expand sources of dealflow for co-investments, a contact at the public pension told Private Equity International. The proposal has been advanced for the full board’s consideration.

The $57.76 billion US public pension plans to take advantage of recent disruptions in the market caused by the covid-19 pandemic. It is also hoping to make up for the potential fall in demand for private equity investments and co-investments, according to its July 2020 meeting documents. As stated in the proposed modification, co-investments would be made alongside a board-approved discretionary manager, the pension’s private equity consultant or their approved managers.

As illustrated below, LACERA currently allocates 11 percent of its full investment portfolio to private equity. Its chief investment officer is Jonathan Grabel.

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