Aaron Weitzman
The system is trying to balance the art of increasing commitments while remaining cautious and disciplined in selecting managers.
The specialty firm is looking to expand its presence in the US after opening up an office in New York earlier this year.
The pension system increased its PE target allocation to 16% and plans to ramp up its new, in-house co-investment program.
The $757bn alternative assets manager was a first mover in what is now becoming a crowded market.
The goal is to reach the 10% allocation by 2024, with the pension fund also ramping up its co-investments, as scaling co-investments is reducing program costs.
Some PE firms learned that CEOs who showed a good combination of empathy and energy led their teams through the crisis, and the ones that showed too little of either really struggled.
PE firms need to consider a hybrid work environment, as the today’s workforce may never go back to 100% working from an office, but 100% remote can be a ‘culture killer’.
The California pension plan has raised its target allocation to private equity from earlier this year. It now stands at 15%, compared with a 4% allocation four years ago.
LACERA has also beefed up its secondary and co-investments, with its in-house service that is only in its third year.
LPs want to understand a GP’s process for arriving at a valuation of a portfolio company because they have to trust the manager’s numbers.
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