US pension fund to commit $325-350m to PE in 2018

The LP will place special emphasis on mid-market and lower-mid-market buyout funds to increase its exposure from 29% to approximately 35%.

Additionally, it will reduce its exposure to mega-buyout funds from 26% to 25% by investing more selectively; and opportunistically invest in mezzanine and secondary funds for which it is currently under target.

Lacers is proactively sourcing "emerging" fund managers, which are managing their first or second LP fund with a maximum of $500m AUM. It targets a 10% allocation to emerging managers within the private market asset class.

The investor had added $302m of private equity commitments with 14 new funds in 2017 as of the end of November, this included two emerging manager allocations totalling $20m.

Geographically, Lacers targets an international exposure of between 15-35% to non-US managers with a focus on Europe and Asia, and little to no exposure to less proven markets.

Lacers' strategic plan is produced in conjunction with Portfolio Advisers, a global investment advisory service. As of June 2017 it had $13.2bn in assets under management and a 12% target allocation to private equity. 

For further insight into Lacers' private equity investments, see the dedicated LP profile on unquote" data

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