The Los Angeles County Employees Retirement Association (LACERA) is the largest county retirement system in the United States, providing retirement benefits to employees of Los Angeles County and its affiliated agencies. With approximately $60 billion in total assets, LACERA serves over 180,000 active and retired members.
Investment Strategy
LACERA maintains a diversified investment portfolio spanning public equities, fixed income, private equity, real estate, and other alternatives. The Board of Investments sets strategic allocation targets informed by asset-liability studies. The internal investment team implements the strategy using external managers for alternatives.
The alternatives program includes private equity commitments across buyout, growth equity, and venture strategies. Real estate investments span core, value-add, and opportunistic funds across major property sectors. LACERA has been investing in alternatives since the early 2000s and has built a well-diversified portfolio across vintage years and strategies.
LACERA’s large asset base provides access to top-tier managers and the ability to make meaningful commitments that align with the fund’s portfolio construction goals.
How to Approach
GPs should contact the LACERA investment team in Pasadena, California. The fund evaluates managers through a structured process that includes staff review, consultant evaluation, and Board-level approval. LACERA values long-term relationships, transparent reporting, and reasonable fee structures. GPs should present a concise fund overview, audited track record, and clear strategy differentiation.
Frequently Asked Questions
What is LACERA's alternatives allocation?
LACERA allocates approximately 16% of its $60 billion portfolio to alternatives including private equity and real estate. The fund has a mature alternatives program built over more than two decades.
How does LACERA select private equity managers?
LACERA has an internal investment team that evaluates managers with support from external consultants. Selection criteria include track record, team stability, strategy differentiation, and alignment of interests. Typical commitments range from $50 million to $200 million per fund.
How can GPs approach LACERA?
GPs should contact the LACERA investment team in Pasadena. The fund evaluates managers through a structured due diligence process and attends major industry conferences. LACERA is open to both established and emerging managers with differentiated strategies.
