LACERS uses emerging-manager program to back Bain social-impact fund


Clearlake, private equity, fund closing
Downtown Los Angeles skyline is seen in front of the snow-covered San Gabriel Mountains following a series of El Nino driven storms on Jan. 7, 2016. Photo courtesy Reuters/Bob Riha Jr. - RTX21GLV
  • LACERS policy: EM firms can't have more than $500 mln assets
  • Bain had roughly $75 bln of assets
  • New fund targets investments with social, environmental benefits
Los Angeles City Employees’ Retirement System used its emerging-manager program to make a $10 million commitment to Bain Capital’s new social-impact fund, even though Bain’s size exceeds the limits LACERS set for its emerging managers. LACERS’s emerging-manager policy prohibits firms ...

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