Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, US
AUM: $70.94 billion
Allocation to alternatives: 26.6%
Los Angeles County Employees’ Retirement Association has approved a $100 million commitment to Bain Capital Real Estate Fund II, according to the pension’s July 2021 investment board meeting report.
The fund, managed by Bain Capital, is a non-core real estate fund pursuing opportunities across sectors. The pension previously committed $100 million to the vehicle’s predecessor, Bain Capital Real Estate Fund I, which held a final close at $1.52 billion in July 2019, exceeding its target of $1 billion.
As illustrated below, LACERA’s recent real estate commitments have been to funds focused primarily on investments in North America and Western Europe. The pension has an 11 percent target allocation to private real estate that currently stands at 7.4 percent.
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