Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, US
AUM: $75.58 billion
Allocation to alternatives: 28.8%
Los Angeles County Employees’ Retirement Association has approved a $110 million commitment to TPG Real Estate Partners IV, according to the pension’s February 2022 investment board meeting report.
The fund, managed by TPG, is an opportunity real estate fund pursuing investments across sectors. The pension previously committed $100 million to the vehicle’s predecessor, TPG Real Estate Partners III, which held a final close at $3.70 billion in March 2019, exceeding its target of $3 billion.
As illustrated below, LACERA’s recent real estate commitments have been to funds focused primarily on investments in North America and Europe. The pension has an 11 percent target allocation to private real estate that currently stands at 6.6 percent.
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