LACERA commits $75m to Clearlake distressed vehicle

The Los Angeles public pension fund has backed a recent debt fund of Clearlake targeting distressed assets in North America.

Name: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, US
AUM: $68.87 billion

Los Angeles County Employees’ Retirement Association (LACERA) has committed $75 million to Clearlake Opportunities Partners III – Co-Investment, according to a recent board material.

LACERA is the largest county retirement system in the US with more than 156,000 members. Established in 1938, it provides retirement, disability and death benefits to eligible Los Angeles County employees and their beneficiaries.

Clearlake Opportunities Partners III, managed by Clearlake Capital Group, will invest in the consumer goods, industrial and TMT sectors across North America.

LACERA has an 11.5% allocation to private debt, comprising $7.92 billion in capital. Its recent private debt commitment strategy has been focused on North America with distressed and royalties vehicles, which invest under a variety of sectors.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.