Insight

LACERA approves $100m commitment

The US public pension has backed a North America-focused mezzanine fund.

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Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, US
AUM: $72.71 billion
Allocation to alternatives: 27.5%

Los Angeles County Employees’ Retirement Association has committed up to $100 million to Accel-KKR Growth Capital Partners IV, according to its January 2022 investment board meeting document.

The pension previously committed $50 million to the fund’s predecessor, Accel-KKR Growth Capital Partners III, which held a final close at $680 million in 2019, exceeding its target of $500 million.

As of September 30, the value of its private equity portfolio was approximately $10.32 billion, which accounted for 14.2 percent of LACERA’s investment portfolio.

As illustrated below, LACERA’s recent private equity commitments have been to vehicles employing a variety of strategies targeting investments primarily in North America.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.