LACERA hikes illiquid credit target allocation

The US public pension plans to increase its exposure to the asset class.

Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, United States
AUM: $69.59 billion
Allocation to alternatives: 25.7%

Los Angeles County Employees’ Retirement Association agreed to increase its illiquid credit target allocation from 3 percent to 7 percent at its May 2021 investment board meeting, a contact at the pension confirmed to Private Debt Investor.

The US public pension also plans to add illiquid credit to its emerging manager programme by the end of 2022, as previously reported by Private Debt Investor.

As illustrated below, LACERA currently allocates 2.6 percent of its full investment portfolio to illiquid credit, which includes private debt. The pension’s chief investment officer is Jonathan Grabel.

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