LA County Employees Retirement Association Commits $300 Million to Debt, Buyout Funds

The Los Angeles County Employees Retirement Association (LACERA), an independent agency based in Pasadena that administers and manages the retirement fund for Los Angeles County has announced three new commitments totaling up to $300 million.

The new commitments – consisting of $100 million each to Accel-KKR Growth Capital Partners IV, a mezzanine debt fund; Great Hill Equity Partners VIII, a buyout fund managed by Great Hill Partners; and TSG9, a buyout fund managed by TSG Consumer Partners – were approved by the LACERA Board of Investments during a closed session on Jan. 12, LACERA said.

The $73.8 billion pension fund had previously committed up to $50 million to Accel-KKR Growth Capital Partners III in 2018.

LACERA’S Board of Investments – one of two governing boards for the pension fund – is responsible for establishing the agency’s investment policies, strategies and objectives, as well as exercising authority and control over the investment management of the fund and matters relating to setting of contributions and estimation of fund liabilities.

The other board – the Board of Retirement – is responsible for the overall management of the retirement system and the LACERA-administered Retiree Healthcare Benefits Program.

Considered the largest county retirement system in the United States, LACERA administers defined retirement plan benefits for the employees of Los Angeles County and outside districts.

Since 1971, LACERA has also administered the Retiree Healthcare Benefits Program. LACERA is further responsible for managing the pension plan and Other Post-Employment Benefits (OPEB) trusts that fund these programs.

Over the years, LACERA has been committed to ensuring that those who have dedicated themselves to public service are taken care of when they are no longer working.

Today, LACERA’s dedicated employees work in 15 divisions, providing a full range of specialized services and program support.

For more information about the agency, visit www.lacera.com.