Institutional Investors

Grosvenor scoops $250m as LACERA makes first foray

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The Los Angeles County Employees’ Retirement Association (LACERA) has hired Grosvenor Capital Management for its first foray into funds of hedge funds with a $250 million mandate.

The $34 billion pension fund has set aside 1% for hedge funds for a customised mandate and other firms competing for the mandate were Blackstone Alternative Asset Management and Goldman Sachs Hedge Fund Strategies. The mandate was set up in a way that LACERA expects to have high levels of transparency at the underlying fund level and is for a portfolio that provides diversification through a