Los Angeles County Employees Retirement Association made $50 million in co-investments with two of its private equity managers, according to a document posted on its website.
During executive session of the $63.8 billion pension’s January 13 board of investments meeting, staff apprised the board of two co-investments.
The first was for $30 million alongside Lightyear Capital in a “registered investment advisory firm.”
LACERA and Lightyear both declined to comment.
The other co-investment was a $20 million dollar investment alongside Leonard Green & Partners in a “healthcare software and service company.”
One source told Buyouts that Leonard Green offered LACERA a co-investment in WellSky. LACERA declined to comment and Leonard Green did not respond to a request for comment.
LACERA is an LP in at least two Lightyear funds and three Leonard Green funds, according to Buyouts data. Last year, it expanded its options for co-investment managers and also increased the amount staff can put into co-investments and secondaries after that program performed well, as Buyouts reported.
Action Item: read the report from the January 13 LACERA Board of Investments meeting here.