Distributions slip as capital calls surge at LACERS


Lacers, Los Angeles County Employees Retirement Association, pension fund, private equity, Portfolio Advisors
  • LA City portfolio was cash-flow positive for five years
  • Larger 2013-2016 commitments led to more capital calls
  • PE portfolio netting 11 pct IRR
Los Angeles City Employees’ Retirement System’s five-year streak of positive cash flows from its private equity program came to a close last year. Distributions — the money LACERS receives from its PE managers — were outpaced by capital calls for the first ...

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