Los Angeles County Employees Retirement Association, Pasadena, Calif., committed up to $100 million to First Reserve Fund XII, said Christopher J. Wagner, senior investment officer, private equity.
Separately, the $38.4 billion systems board adjusted the allocation range for its passive international equity mandates to 40% to 70%, from 30% to 50%, and adjusted for its active non-U.S. mandates allocation range to zero to 40%, from 30% to 50%.
The board also established risk/return ranges for LACERAs international equity composite that include 10-20 basis points, annualized net of fees expected return and a 1% to 3% expected deviation from its benchmark, said CIO Lisa Mazzocco.
The systems board also changed its international equity composite benchmark to the MSCI ACWI ex-U.S. Global Investable Market Index (Net) from the MSCI ACWI ex-U.S. Index (Net). The system changed the benchmark to a broader universe to reflect the opportunity set, Ms. Mazzocco said.