The system is also launching a much-discussed co-investment vehicle.
LPs struggle with continuation fund timelines.
Many LPs struggle to commit to continuation funds due to governance processes.
Many institutions have adjusted their pacing plans, especially those that are either overallocated to private equity or face liquidity concerns.
The system plans to commit $50m over the next five years to reduce its allocation to private equity.
'The market is where the market is and we are where we are,' says LACERA CIO Jonathan Grable.
The nation’s largest pension system also reported over $1.2bn in annual management fees and carried interest.
New York City’s pensions look to take advantage of an increased cap to alternative investments, which could provide an injection of fundraising capital.
The California-based system looks to commit up to $450m in 2024.
LPs are working to ensure that they retain the no-fee, no-carried interest structure on their co-investments, essentially looking for a 'status quo' option.
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