LACERA approves $415m commitment

The US public pension has backed an open-ended infrastructure vehicle.

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Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, US
AUM: $69.59 billion
Allocation to alternatives: 25.7%

Los Angeles County Employees’ Retirement Association committed $415 million to Axium Infrastructure North America (Open-ended) Funds, according to the pension’s June 2021 investment board meeting report.

The open-ended fund, managed by Axium Infrastructure, targets mid-market contracted and regulated assets in energy infrastructure, social infrastructure and transportation infrastructure in Canada and the US.

As illustrated below, LACERA’s recent infrastructure commitments have been to funds focused primarily on the energy sector across multiple regions. The pension currently allocates 2.9 percent of its investment portfolio to infrastructure.

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