US - The $32bn Los Angeles County Employees Retirement Association (LACERA) has appointed the Texas Pacific Group (TPG) to run a $20m private equity mandate.
Chris Wagner, alternative assets investment officer at the fund, said that the $20m would be invested in the TPG T 3 Partners II fund, a technology fund. Additionally, Wagner revealed that LACERA is set to commit up to $205m to four private equity funds. Wagner declined to name the funds in question as LACERA has yet to finalise contracts with the four private equity firms.
Additionally, LACERA has put its search for an emerging real estate manager on hold until November. Gloria Gil, LACERA real estate investment officer, said that the search has been put on hold as the fund is currently in the process of compiling its annual report. The mandate will initially be worth $50m (£35m) with the value rising up to $150m (£105m) over three years.
Additionally, the fund will close its search for a private equity consultant in September. The closing date for questions from interested parties is the end of August.
By Geoffrey Ho
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