The $56.3 billion Los Angeles County Employees’ Retirement Association (LACERA) is in the process of building out its real assets program, according to a document from the pension fund’s Nov. 20 board meeting.
The real assets committee held a real assets 2019 structure review to explore ways to expand its infrastructure program through closed- or open-end funds, co-investments, separately managed accounts, club/syndicated deals, and direct investments.
LACERA currently has a 17 percent target allocation to real assets. Within that, infrastructure occupies 2 percent ($1.2 billion) of the actual allocation, and natural resources and commodities account for 3.2 percent ($1.8 billion). As of fourth quarter 2019, the pension fund has target allocations of 3 percent to infrastructure and 4 percent to natural resources.
Within two years, LACERA aims to start investing in open-end and closed-end funds targeting geographic and sector diversification, seek managers, e
