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LACERA
Pension fund · Pasadena, United States
Welcome to the Los Angeles County Employees Retirement Association (LACERA). We have the duty and authority to administer the defined retirement plan benefits for the employees of Los Angeles County and participating agencies. LACERA is an independent governmental entity, separate and distinct from the County of Los Angeles. It is our mission to produce, protect, and provide these promised benefits to our members and their beneficiaries. We are the largest County retirement system in the United States with approximately 60+ billion in assests. In the course of fulfilling that mission, we provide excellent customer service to over 189,000 members. At LACERA, we strive to go beyond what's required and aspire to be a world-class organization. We create and put into practice goals to strengthen our customer service efforts, stay current with the latest technology and best business practices, and work diligently to improve our accuracy and efficiency. Our vision for the future includes a prudent, diversified, and forward-thinking investment strategy positioned to weather rough economic storms. We innovate. We challenge our ideas. We achieve. LACERA's Values…Professionalism, Respect, Open Communication, Fairness, Integrity & Teamwork LACERA is governed by two (2) Boards: Board of Investments (BOI) – is responsible for establishing LACERA's investment policy and objectives as well as exercising authority over the investment management of the fund. Diversified investments include Stocks/Equities, Fixed Income/Bonds, Real Estate and Alternative Assets. Board of Retirement (BOR) – is responsible for the overall management of the retirement system. Under the policy guidance of the BOR and the direction of the Chief Executive Officer, to create innovative ways to streamline and expedite retirement processes, and introduce new member services options and upgrades.
Who LACERA is.
Where the institution came from, whose capital it manages, and how that capital is allocated — from Dealroom's LP research.
Historical Background
- The Los Angeles County Employees Retirement Association (LACERA) was established in 1937 as a pension trust fund to provide retirement and death benefits to employees of Los Angeles County.
- Since 1971, LACERA has also been responsible for administering the Retiree Healthcare Benefits Program.
Source of Capital
- LACERA's capital is primarily sourced from the pension funds of Los Angeles County employees.
- The organization also manages funds for outside districts, including the Little Lake Cemetery District, the Local Agency Formation Commission for the County of Los Angeles, the Los Angeles County Office of Education, and the South Coast Air Quality Management District.
Allocation Strategy
- LACERA's investment portfolio is diversified across various asset classes, with a notable allocation to real assets and private equity.
- The fund has a target allocation of 7% for real estate and 4.5% for infrastructure, with plans to commit over $2.1 billion to real estate in 2025.
- LACERA is adjusting its strategy to increase downside protection in response to market conditions, shifting some capital from global equity and real estate to hedge funds and investment-grade bonds.
The funds LACERA backs.
LACERA is a limited partner in 247 funds. 28 of them place in the Power Law Investor Ranking, and the best-ranked are shown here.
How LACERA’s fund book is spread.
The 247 funds LACERA backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters.
- North America 19278%
- Europe 4317%
- Rest of world 125%
United States 187 · United Kingdom 20 · France 6 · Canada 5
How established those managers are
Managers grouped by how many funds they have raised. 69 emerging (three funds or fewer), 98 established — across the 167 of 247 with a fund history on record.
Other LPs.
Other pension funds in the Power Law LP ranking, closest to LACERA by combined power-law score — North America first, then the nearest worldwide.