Los Angeles County Employees Retirement Association, Pasadena, Calif., committed up to $694 million to alternative investment funds, co-investments and secondaries, according to a report of the board's closed session activity at its Oct. 9 meeting.
The $80.8 billion pension fund committed a total of €300 million ($329 million) to real assets, consisting of €200 million InfraVia European Fund VI, a real assets fund managed by InfraVia Capital Partners that invests in energy, telecom, transport and social infrastructure primarily in Europe and North America, and €100 million to BGO Europe III Co-Investment, a co-investment vehicle managed managed by BentallGreenOak.
Pension fund officials also committed up to $150 million to Mill Point Capital Partners III, a small buyout fund focusing on the business services, information technology and industrial companies primarily in the U.S.
LACERA also made a $120 million a private equity secondary commitment to SEP Diamond Fund managed by Seidler Equity Partners and a $95 million private equity co-investment commitment alongside Summit Partners.
As of August, LACERA had actual allocations of 52% growth, which includes private equity, and 15% real assets and inflation hedges. The pension fund's target allocations are 48% growth and 15% real assets and inflation hedges.
