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LACERA Protecting Members in Wake of Third-Party Data Breach
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MIL-OSI: LACERA Protecting Members in Wake of Third-Party Data Breach
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Los Angeles County Employees puts $530 million in 3 alts strategies
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Los Angeles County Employees Retirement Association, Pasadena, Calif., invested a total of $530 million in three alternative investment strategies, according to an executive session report on the $65.4 billion pension fund s website.
The board approved a $250 million investment, with a $200 million initial allocation, in Caxton Global Investments, a discretionary global macro hedge fund. The report said the hedge fund managed by
Caxton Associates has a track record of low correlations to equity and credit markets and strong downside protection.
Separately, LACERA invested $250 million in Brevan Howard Master Fund, a discretionary global macro fund focusing on directional and relative value trading strategies managed by hedge fund manager
Los Angeles County Employees taps StepStone as real estate consultant
StepStone Group as its real estate consultant.
The board of the of the $63.8 billion pension fund made the selection following an RFP that was launched in September. Incumbent Townsend Group has served as LACERA s real estate consultant since 1992 and decided not to reapply for their own reasons, said John McClelland, principal investment officer in response to a question from a board member. LACERA has a $5.1 billion real estate portfolio, with 80% invested in separately managed accounts and the remainder in commingled funds.
Separately, LACERA s staff plans to seek board approval very soon for a manager for its private equity emerging manager program, said Christopher Wagner, principal investment officer, during the meeting. A proposal for an RFP is scheduled to come before the board in June. Current manager, J.P. Morgan Asset Management is expected to fully commit its $300 million mandate by the end of 20
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