Lacera begins search for secondaries adviser

At a recent meeting of its investment board, the Los Angeles County Employees Retirement Association (Lacera) gained approval to begin searching for an advisory firm to handle the process of rebalancing the institution's private equity portfolio.

According to documents from the meeting obtained by unquote", the portfolios to be sold comprise dozens of distinct limited partnership interests with aggregate values in the hundreds of millions of dollars. The proposed timeline for the process will see three to five advisory firms selected in May 2018.

Minimum qualifications for advisory firms in the process include a five-year track record, during which time the firm must have advised on a minimum value of $2.5bn in secondary transactions, and the sale or purchase of at least 200 distinct interests.

Lacera has a portfolio of 245 fund interests, according to unquote" data's detailed LP profile, including 83 funds with a European mandate.

The pension fund is also in the final stages of selecting a number of emerging managers, unquote" understands, with successful managers to be appointed in Q1 2018.

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• Topics
• LPs
• Advisory
• LP interest secondary
• Secondaries