LACERA rehires StepStone as private equity consultant

The pension has also re-upped with Summit Partners.

Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, US
AUM: $71.57 billion
Allocation to alternatives: 26.7%

Los Angeles County Employees’ Retirement Association agreed to rehire StepStone Group as its private equity consultant at its August investment board meeting, a contact at the pension confirmed to Private Equity International. The consultant’s current contract was set to expire in October 2021.

An RFP for a private equity consultant was issued at the end of last year, as previously reported by Private Equity International.

At the meeting, LACERA also agreed to issue an RFP for a general investment consultant and approved a commitment of up to $150 million to Summit Partners Growth Equity Investors XI. The pension has made previous commitments to this fund manager.

As illustrated below, LACERA currently allocates 13.8 percent of its investment portfolio to private equity. As of 30 June, the value of its private equity portfolio was approximately $9.9 billion.

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