LP briefs

Morgan Stanley partners with LACERA

The Los Angeles County Employees Retirement Association (LACERA) has selected Morgan Stanley Alternative Investment Partners as the manager of a new private equity co-investment fund. LACERA will serve as the fund’s primary limited partner, having committed $250 million. Morgan Stanley and senior team members of Morgan Stanley AIP also have committed capital.

The fund will focus on growth equity and leveraged buyout transactions and will target direct participations alongside LACERA’s own private equity managers.

LACERA’s current private equity commitments total $5 billion across 102 active funds. Morgan Stanley AIP currently manages $4.65 billion of commitments in private equity funds and separately managed accounts, and has 98 active funds.