Pension fund Lacera increases exposure to non-US funds

The firm has previously committed capital to a number of European private equity funds. It has backed a number of CVC European Equity Partners vehicles, in addition to mid-market funds including those managed by Livingbridge, Nordic Capital and Phoenix Equity Partners.

Other notable global investments include a $180m commitment to Blackstone Capital Partners VII in 2015.

Lacera manages $45bn in assets with a target allocation of 10% to private equity. The fund has been increasing commitments to the asset class since 2013, in line with the strategic objective of increasing private equity exposure, and aims to commit a total of $1.5bn over 2016.

The fund is also anticipating increasing its exposure to specialist, sector-focused managers. It will expand the use of its secondary programme to more actively manage its portfolio, taking advantage of increasing supply and access in the global secondaries markets.

The increasing exposure has come to light following the US-based pension fund's recent search for a private equity adviser. Lacera invited applications from potential advisers in February this year, and appointed StepStone Global following a seven-month selection process.

StepStone Global, a private markets specialist, takes over from GCM Grosvenor in sourcing and reviewing potential investments, advising the fund's board of investors on Lacera's private equity activity.

For extensive information on Lacera's portfolio of private equity investments, visit the LP's dedicated profile on unquote" data.

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• Topics
• LPs
• Nordic Capital
• CVC Capital Partners
• Living Bridge
• Blackstone Group