Los Angeles County Employees' Retirement Association, Pasadena, Calif., committed a total of $450 million to alternative investments, said David Kushner, chief investment officer for the $45 billion pension fund, in an e-mail.
LACERA committed up to $200 million in Vista Equity Partners Fund V, a middle market buyout fund. The pension fund committed to the previous two Vista funds.The pension fund also committed $150 million to Energy & Minerals Group Fund III, a private equity fund that invests in energy, including natural gas-related companies; and up to $100 million to ABRY Partners' ABRY Advanced Securities Fund III, a direct lending fund. This is the first time LACERA has made commitments to both managers.
Separately, the board at its March 13 meeting requested further information and postponed a decision on whether to hire Blackstone Group for a $250 million custom diversified hedge fund-of-funds allocation.