Los Angeles County Employees Retirement Association, Pasadena, Calif., committed a total of up to $825 million to four alternative investment funds, the $70.9 billion pension fund reported.
The board on July 14 in closed session committed up to $500 million to KKR Diversified Core Infrastructure Fund, a core infrastructure fund managed by KKR & Co. that is expected to focus on investments in utilities, renewables, telecommunications, transportation, energy transition and other sectors.
Also in infrastructure, the pension plan committed $100 million to Smart Infrastructure Capital Partners Fund I, a fund focusing on smart technologies in the energy and transportation sectors managed by Smart Infrastructure Managers.
LACERA also committed up to $125 million to Webster Capital V, a middle-market buyout fund focused on health-care services companies and managed by Webster Equity Partners, and up to $100 million to Bain Capital Real Estate Fund II, a non-core real estate fund investing across property sectors.
