Distributions slip as capital calls surge at LACERS

Lacers, Los Angeles County Employees Retirement Association, pension fund, private equity, Portfolio Advisors
People look on and photograph the famed Hollywood sign as preparations for the 88th Academy Awards continue, in Los Angeles on Feb. 26, 2016. Photo courtesy Reuters/Carlo Allegri
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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