Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, US
AUM: $71.57 billion
Allocation to alternatives: 26.7%
Los Angeles County Employees’ Retirement Association agreed to rehire StepStone Group as its private equity consultant during its August investment board meeting, a contact at the pension confirmed to affiliate title Private Equity International.
The consultant’s current contract was set to expire in October 2021.
An RFP for a private equity consultant was issued at the end of last year, as previously reported by Private Equity International.
Since then, StepStone is looking to cut a larger swatch in venture, announcing in early July that it would acquire Greenspring Associates, a Maryland-based investor with $17 billion in AUM, for $725 million in cash and stock. The deal is set to close later this calendar year.
At the pension’s meeting, LACERA also agreed to issue an RFP for a general investment consultant and approved a commitment of up to $150 million to Summit Partners Growth Equity Investors XI. The pension has made previous commitments to this fund manager.
As illustrated below, LACERA currently allocates 13.8 percent of its investment portfolio to private equity. As of 30 June, the value of its private equity portfolio was approximately $9.9 billion.
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