The Los Angeles County Employees’ Retirement Association approved three commitments totaling $575 million to private equity, according to minutes from the February 14th Board of Investments meeting.
$400 million was committed to Clearlake Capital Partners VIII, $100 million to PSC Accelerator II, and $75 million to Leonard Green & Partners.
The commitments to PSC and Leonard Green represent new relationships. The fund has an existing relationship with Clearlake.
As of December 31, 2023, the $75 billion pension fund allocates approximately 18.2% to private equity with a policy target of 17%.
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