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LACERA picks PineBridge for $1 billion in high yield, slates $555 million for alts
Los Angeles County Employees Retirement Association, Pasadena, Calif., hired
PineBridge Investments to manage $1 billion in a high-yield separate account for the $66.4 billion pension fund, according to a closed session report from its April 14 meeting.
PineBridge was the only manager selected to manage the mandate following an RFP launched in July 2020, CIO Jonathan Grabel said in an email in response to questions. LACERA s target allocation to high yield is 3%, with a range of zero to 6%. LACERA had $2.2 billion in high yield as of Feb. 28.
LACERA also committed a total of up to $555 million to five alternative investment funds and three co-investments alongside approved alternative investment managers, the report said.