US - Cody Ferguson, one of the trustees of the $30bn Los Angeles County Employees Association (LACERA), has revealed that only one in 27 of the fund's private equity investments has produced positive returns.
Ferguson defended the pension fund's private equity record by claiming that despite the poor performance of some investments the risk was worth it as the potential rewards on alternative investment...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date