LACERA allocates up to $442 million with 6 managers
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Los Angeles County Employees Retirement Association, Pasadena, Calif., committed or invested up to $442 million to six managers, according to a report of closed session actions taken at the board s Jan. 13 meeting.
The $63.8 billion pension fund s board approved commitments of up to $100 million each to Grain Communications Opportunity Fund III, a telecommunications infrastructure fund managed by
Grain Management, and
Novacap TMT VI, a buyout fund that focuses on Canadian media, technology and telecommunications sectors.
LACERA s board also approved a commitment of up to $100 million total to LAV Fund VI and LAV Fund VI Opportunities, private equity funds that focus on investments in the biomedical industry in China and the United States, both managed by
The Rebound Play: Brazilian Asset Manager Vinci to Go Public in the US
The firm, whose current investors include LACERA and the Rhode Island pension plan, believes the economically stricken South American nation is prepared for a turnaround.
Brazilian asset manager Vinci Partners plans to go public in a $100 million US offering to attract alternative investors seeking to take advantage of the country’s low interest rates and betting it will return from its economic woes.
In the past, the manager has raised capital from US investors seeking to invest in high-growth small and mid-size firms in the country. Last April, its Vinci Capital Partners III fund to invest in Brazilian companies raised about $1 billion and attracted capital from public pension funds, including the Los Angeles County Employees Retirement Association (LACERA) and the Rhode Island Employees’ Retirement System, which invested $30 million into the fund.
Los Angeles County Employees preps private equity consultant search
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Los Angeles County Employees Retirement Association, Pasadena, Calif., plans to launch an RFP for a private equity consultant sometime before Jan. 21, said Jonathan Grabel, CIO of the $60 billion pension fund.
Incumbent Stepstone Group s contract is set to expire in October. Stepstone will be invited to rebid. A selection is expected as early as September. LACERA has $7.1 billion invested in private equity and a private equity target of 10% with an allocation range of 7% to 13%.
Separately, the board on Dec. 9 approved a growth structure review, the primary planning document for its growth asset class. LACERA has $29.4 billion in the asset class, which includes global equity, private equity and real estate.
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As the public pension community in California is well aware, on July 30, 2020, the California Supreme Court issued its landmark decision on vested rights and the constitutionality of legislative changes to public retirement statutes in
Alameda County Deputy Sheriff s Association, et al. v. Alameda County Employees Retirement Association, et al. (State Of California) (2020) 9 Cal.5th 1032 (“
Alameda”). See our eAlert from July 31, 2020.
Soon after issuing
Alameda, the Court dismissed two other petitions for review and sent the two felony forfeiture cases back to the courts of appeal with directions. One of the remanded felony forfeiture cases was
LACERA hires for manager of emerging hedge funds portfolio pionline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pionline.com Daily Mail and Mail on Sunday newspapers.