Despite higher fees, LACERA picks JP Morgan for emerging-manager program

Private equity, pension fund,
  • Adams Street offered lower fees, stronger track record, per LACERA assessment
  • LACERA's portfolio with J.P. Morgan meeting objectives, netting 24.3 pct IRR
  • LACERA preemptively discloses friendship between CIO, J.P Morgan managing director
Los Angeles County Employees’ Retirement Association re-upped $300 million to a private equity separate account with JP Morgan Private Equity Group, passing up lower-cost bids offered by other firms offering similar strategies. The new separate account will expand Los Angeles ...

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