Los Angeles County Employees Retirement Association, Pasadena, Calif., committed up to $300 million to three managers, according to a report of closed session actions taken at the board's Nov. 5 meeting.
It committed $150 million to Centerbridge Capital Partners IV, subject to receipt of additional information. The fund, managed by Centerbridge Partners is expected to include leveraged buyouts and structured equity in U.S. and European companies in the consumer, financial services, health-care, industrials, technology, media, and telecommunications sectors.
Pension fund officials also committed a total of up to $130 million to three global venture capital funds managed by GGV Capital: GGV Capital VIII, GGV Capital VIII Plus, and GGV Discovery III.
LACERA also completed a $20 million co-investment alongside one of its private equity managers, Leonard Green & Partners. Further information about the investment was unavailable.
Separately, LACERA plans to launch an RFP for a proxy voting platform and proxy research service provider this quarter, said Jonathan Grabel, CIO of the $60.7 billion pension plan.
The board authorized staff to initiate the RFP at its Nov. 5 meeting, with a selection planned in the second quarter of 2021.
The contracts of incumbents Institutional Shareholder Services and Glass Lewis are set to expire on June 30. LACERA first retained ISS in 1993 and Glass Lewis in 2003. Both firms will be invited to rebid. The RFP will be posted on LACERA's website.
