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

Clearlake, private equity, fund closing
  • 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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