LACERA to expand emerging manager programme

The US public pension plans to add real assets to its emerging manager programme.

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 intends expand its emerging manager programme to include real assets, according to the pension’s January 2021 investment board meeting document. LACERA’s emerging manager programme already includes alternatives such as private equity and private real estate.

A defined model of the programme will be assessed during the last quarter of the year. The US public pension may appoint emerging managers directly or hire a fund-of-funds manager to conduct the search.

As illustrated below, LACERA currently allocates 2.9 percent of its full investment portfolio to infrastructure. The pension’s chief investment officer is Jonathan Grabel.

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