Los Angeles County Employees Retirement Association, Pasadena, Calif., disclosed manager hires and commitments totaling up to $4.1 billion.
The $73.8 billion pension fund's board of investments at its March 9 closed session approved the hiring of BlackRock to manage about $3.7 billion in a passive long-term U.S. Treasuries portfolio, according to a report on LACERA's website.
The pension fund issued an RFP in the fall of 2021 for the new portfolio, which was created when the board in May added a new 5% allocation to long-term U.S. Treasuries to its $15 billion risk-reduction and mitigation asset class. Finalists were not disclosed.
General investment consultant Meketa Investment Group assisted.
Also in a March 9 closed session, the board approved commitments of up to $150 million to Green Equity Investors IX and up to $50 million to Jade Equity Investors II, both buyout funds managed by Leonard Green & Partners; and up to $100 million each to AE Industrial Partners Fund III, a buyout fund focused on the aerospace, power generation and specialty industrial sectors; and Veritas Capital Fund VIII, a buyout fund managed by Veritas Capital Fund Management.
