LACERA seeking a separate account manager for its emerging manager program

The US public pension plans to deploy $400m to the program over the next four years.

Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, US
AUM: $69.59 billion
Allocation to private equity: 12.8%

Los Angeles County Employees’ Retirement Association has approved a request for proposal for private equity emerging manager program discretionary separate account manager, a contact the pension confirmed to Buyouts.

The RFP mandate proposal is for an allocation of $400 million to be deployed over four years. The minimum qualifications, which have been expanded are consistent with LACERA’s TIDE is expected to yield more RFP responses.

JPMorgan private equity group has been the private equity emerging manager program manager since December 2017. Its $300 million tranche is projected to be fully utilized by the second quarter of 2022.

The pension also recently increased its private equity target allocation to 17 percent as previously reported by Buyouts.

As illustrated below, the pension currently allocates 12.8 percent of its full investment portfolio to private equity. Jonathan Grabel is LACERA’s chief investment officer.

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