LACERA approves $100m commitment

The US public pension has backed a North American infrastructure vehicle.

Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, US
AUM: $63.85 billion
Allocation to alternatives: 25.6%

Los Angeles County Employees’ Retirement Association has approved a $100 million commitment to Grain Communications Opportunity Fund III, according to the pension’s January 2021 investment board meeting report.

The fund, managed by Grain Management, focuses on telecommunications infrastructure, primarily in the United States.

As illustrated below, LACERA’s recent infrastructure commitments have been to funds focused on various sectors in North America and Europe. The pension has a 3 percent target allocation to infrastructure that currently stands at 2.9 percent.

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