Los Angeles City Employees' Retirement System's board on Tuesday renewed its contract with Aksia, the pension fund's private equity consultant, for five years.
Aksia's contract with the $21.5 billion pension fund will now run through July 24, 2028. On April 1, LACERS hired Aksia to also serve as its private credit consultant under a separate contract.
LACERS has a 21% target allocation to private equity, with $3.9 billion invested in the asset class as of April 30.
The board also renewed Lazard Asset Management's contract for three years ending Sept. 30, 2026; Lazard manages roughly $550 million in an active non-U.S. equities developed markets core portfolio. LACERS also renewed for one year through Aug. 31, 2024, Polen Capital Credit's contract to manage about $231 million in an active hybrid high-yield fixed-income/U.S. floating-rate bank loan portfolio.