Los Angeles County Employees allocates $390 million to 5 funds
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Los Angeles County Employees Retirement Association, Pasadena, Calif., committed a total of $390 million to five alternative investment funds, according to an executive session report on the $65.4 billion pension fund s website.
LACERA s board of investment at its Jan. 13 meeting approved commitments of up to $100 million total to venture capital funds LAV Fund VI and LAV Fund VI Opportunities, both managed by
Lilly Asia Ventures.
The board also approved commitments of up to $100 million each to Grain Communications Opportunity Fund III, a telecommunications infrastructure fund managed by
Grain Management; and buyout fund
Novacap TMT VI; and up to €75 million ($90 million) to
Los Angeles County Employees puts $530 million in 3 alts strategies
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Los Angeles County Employees Retirement Association, Pasadena, Calif., invested a total of $530 million in three alternative investment strategies, according to an executive session report on the $65.4 billion pension fund s website.
The board approved a $250 million investment, with a $200 million initial allocation, in Caxton Global Investments, a discretionary global macro hedge fund. The report said the hedge fund managed by
Caxton Associates has a track record of low correlations to equity and credit markets and strong downside protection.
Separately, LACERA invested $250 million in Brevan Howard Master Fund, a discretionary global macro fund focusing on directional and relative value trading strategies managed by hedge fund manager
LACERA allocates up to $442 million with 6 managers
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Los Angeles County Employees Retirement Association, Pasadena, Calif., committed or invested up to $442 million to six managers, according to a report of closed session actions taken at the board s Jan. 13 meeting.
The $63.8 billion pension fund s board approved commitments of up to $100 million each to Grain Communications Opportunity Fund III, a telecommunications infrastructure fund managed by
Grain Management, and
Novacap TMT VI, a buyout fund that focuses on Canadian media, technology and telecommunications sectors.
LACERA s board also approved a commitment of up to $100 million total to LAV Fund VI and LAV Fund VI Opportunities, private equity funds that focus on investments in the biomedical industry in China and the United States, both managed by
The Rebound Play: Brazilian Asset Manager Vinci to Go Public in the US
The firm, whose current investors include LACERA and the Rhode Island pension plan, believes the economically stricken South American nation is prepared for a turnaround.
Brazilian asset manager Vinci Partners plans to go public in a $100 million US offering to attract alternative investors seeking to take advantage of the country’s low interest rates and betting it will return from its economic woes.
In the past, the manager has raised capital from US investors seeking to invest in high-growth small and mid-size firms in the country. Last April, its Vinci Capital Partners III fund to invest in Brazilian companies raised about $1 billion and attracted capital from public pension funds, including the Los Angeles County Employees Retirement Association (LACERA) and the Rhode Island Employees’ Retirement System, which invested $30 million into the fund.
Los Angeles County Employees preps private equity consultant search
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Los Angeles County Employees Retirement Association, Pasadena, Calif., plans to launch an RFP for a private equity consultant sometime before Jan. 21, said Jonathan Grabel, CIO of the $60 billion pension fund.
Incumbent Stepstone Group s contract is set to expire in October. Stepstone will be invited to rebid. A selection is expected as early as September. LACERA has $7.1 billion invested in private equity and a private equity target of 10% with an allocation range of 7% to 13%.
Separately, the board on Dec. 9 approved a growth structure review, the primary planning document for its growth asset class. LACERA has $29.4 billion in the asset class, which includes global equity, private equity and real estate.