Los Angeles County Employees Retirement Association, Pasadena, Calif., plans to launch a search for a real asset emerging manager of managers to run a separate account of up to $400 million, according to board reports and Jonathan Grabel, chief investment officer of the $74 billion pension fund.
The program would make fund investments with real asset emerging managers ranging from $10 million to $100 million each.
LACERA is interested in investing in emerging managers because the program could help LACERA establish a potential manager pipeline for future commitments.
The RFP is expected to be posted on the pension fund's website in the next several months, Grabel said. LACERA has a 17% real asset target allocation.
Separately, LACERA committed $250 million to Centerbridge Capital Partners Fund V, a private equity fund managed by Centerbridge Partners that focuses on value-oriented private equity transactions in North America and Europe.
LACERA also committed $115 million to Wynnchurch Capital Partners VI, a middle-market buyout fund making equity and debt investments primarily in the U.S. and Canada.
