The $33 billion Los Angeles County Employees Retirement Association will issue an RFP next month for an advisor to review investment opportunities with its largest private equity general partners. The plan has $2.2 billion, or 6% of its assets, in private equity, and its target allocation is 7%.
“Historically, we have about two-thirds of private equity invested in existing partnerships,” said Lisa Mazzocco, cio. “So we feel as though we can have someone help us evaluate and decide funding with these partnerships,”. The private equity advisors will help LACERA decide whether to commit to the same general partners and how much to invest.
The RFP will seek an advisor to evaluate corporate finance private equity partnerships that have at least $3 billion in assets or more than $500 million in venture capital. The advisor must have consulting experience and LACERA hopes to choose a firm by the second quarter. Bill Bensur of Wilshire Associates advises the fund.