Los Angeles County Employees Retirement Association, Pasadena, Calif., has delegated authority to its head of real assets to invest, within certain parameters, up to $250 million a year in co-investments and secondary market transactions, said Jonathan Grabel, CIO of the $70.9 billion pension fund.
Each real asset co-investment and secondary transaction made under the delegation can be up to $50 million. Infrastructure co-investments and secondaries would target the utilities, power and renewables, telecom, transportation and social infrastructure sectors. Natural resources co-investments and secondaries would focus on mining, agriculture and timber, according to the guidelines adopted by the board at its July 14 meeting.
The target countries for the investments are the U.S., Canada, the U.K., Australia, New Zealand and those in the eurozone.
