Los Angeles County Employees Retirement Association, Pasadena, Calif., reported committing in closed session a total of up to $909 million to four alternative investment funds.
The $72.5 billion pension plan committed up to $600 million to CBRE U.S. Core Partners Fund, a domestic open-end core real estate fund focusing on the logistics, residential and growth sectors managed by CBRE Investment Management; and up to $150 million to Alpine Investors IX, a U.S. middle-market buyout fund focusing on the industrials, information technology and consumer discretionary sectors.
LACERA also committed up to €100 million ($106 million) to Montefiore Investment VI S, a lower-middle-market buyout fund; and up to €50 ($53 million) to Montefiore Investment Expansion, a small company buyout fund. Both funds will focus on the consumer discretionary, consumer staples, health-care services, information technology and digital services, business-to-consumer, and business-to-business sectors primarily in France, but also in Northern Italy.