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LACERA to more than double 2013 PE allocation compared to last year

26 Mar 2013

los angeles 3_sqThe $41bn Los Angeles County Employees Retirement Association is reportedly planning a 140 per cent boost to its private equity asset allocation in 2013 compared to last year.

LACERA had 9.2 per cent of its invested capital with private equity firms at the end of the year, just short of its 10 per cent target figure according to its website.

But the investor hopes to get its long-term allocation to 11 per cent over the next five years according to LBO Wire, which said it had seen a copy of a memorandum about the changes.

It said the recently-approved plan would see LACERA commit up to $1.8bn to private equity funds this year compared to $737m of commitments in 2012.

The firm’s buyout allocation is still well below its targets for domestic and international equity and fixed income, which were 23 per cent, 27 per cent and 24 per cent respectively at the start of 2013.

LACERA recently helped European buyout house Nordic Capital to a €1.7bn first close for its eight h private equity vehicle.

The Sweden-based private equity firm lowered its €4bn target for Fund VIII to €3bn in October amid a lacklustre fundraising environment.

But an uptick in mid-market confidence saw the fund collect more than €1bn of commitments after just eight or nine months on the road.

Other LPs in the fund include Mass PRIM, the Michigan Department of Treasury and the New Mexico State Investment Council.

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