The Los Angeles City Employees’ Retirement System invests ‘opportunistically’ in secondaries funds, according to documents from its August board meeting.
The $13.9 billion pension system hasn’t committed to any secondaries funds this year and its last commitment was $25 million to Coller Capital’s $5.5 billion Coller International Partners VI in 2012.
LACERS allocates 12 percent of its assets to private equity. Within the private equity portfolio LACERS has a 1 percent exposure to secondaries funds and an optimal exposure range of between 1 percent and 5 percent.
The pension system plans to commit between $325 million and $350 million to private equity funds this year, having committed $240 million to date.
LACERS did not return a request for additional comment by press time.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: