Institution: Los Angeles County Employees Retirement Association
Headquarters: Pasadena, US
AUM: $71.98 billion
Allocation to alternatives: 26.7%
Los Angeles County Employees Retirement Association has issued a request for proposal for an illiquid credit emerging manager programme separate account manager. The deadline for intent to respond submission is 26 November 2021.
According to the RFP document, the separate account manager would be expected to source, conduct due diligence on, and manage a portfolio of illiquid credit emerging managers. The RFP mandate proposal is for an allocation of approximately $750 million.
LACERA currently has a 7 percent target allocation to illiquid credit. The pension plans to allocate 15 percent of its illiquid credit portfolio to its emerging manager programme.
As illustrated below, the pension currently allocates 2.8 percent of its full investment portfolio to illiquid credit. Jonathan Grabel is LACERA’s chief investment officer.
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