LACERS Reviews PE Pacing, Considers Up to $700M Allocation for 2025

The Los Angeles City Employees’ Retirement System (LACERS) is considering between $600M and $700M in private equity commitments for 2025, according to recently published agenda materials from its December 10, 2024, board meeting.

Following a review of its private equity performance in 2024, the pension’s private equity/private credit consultant Aksia recommended that it commit between $40M and $75M in individual broad-sector investments across 10 to 15 firms, excluding co-investments, and maintain increased exposure to buyouts while selectively adding exposure within Europe and developed Asia. Aksia also proposed that the California-based pension make three to five investments in emerging managers, accounting for a 10% benchmark for 2025.

LACERS made $622.2M in total commitments to private equity as of September 30 last year, against a target range of $750M to $850M. As of June 30, 2024, the $23.1B pension’s private equity policy carried a 19.3% actual exposure, translating to a fair market value of $4.5B.

Written By: Dakota

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