LACERA ups illiquid assets in search of broader portfolio gains

The Los Angeles County Employees Retirement Association in California this week approved a new strategic asset allocation in a bid to move its annualized return prospects to 7%-plus through the addition of illiquid credit and other less liquid alternative assets.

Trustees approved an overall jump in illiquid assets from 19% to 32% of the $68 billion pension system. Leading the way are increases in private equity, non-core real estate, real assets/inflation hedges, and hedge funds.

According to staffers, the new allocation as modeled is more diversified and is expected to better mitigate . . .

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