The $11 billion Los Angeles City Employees Retirement System is increasing its bets on private equity this year to the tune of $300 million.
According to the system’s Web site, its investment committee recently directed p.e. consultants Hamilton Lane and Pension Consulting Alliance to develop a draft of the 2008 Alternative Investments Strategic Plan. In response, the consultants have recommended the system allocate a total of $300 million in order to reach the 8% private equity target allocation.
Of the $300 million, $60 million is recommended for the Pension Consultant Alliance carve-out allocation, which will fund six to eight p.e. partnerships. The remaining $240 million is recommended for the Hamilton Lane allocation, which is will fund an additional eight to 12 partnerships.
A call made to CIO Daniel Gallagher seeking further comments was not returned before press time.