DFX Intelligence

Allocator Intelligence

The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.

Public pension

Los Angeles County Employees Retirement Association

Public pensionmunicipalCA

Assets

$86B

Fiduciary net position, Jun 30, 2025 reported

Funded

n/a

not filed

Private markets target

n/a

policy Jun 30, 2025

Commitments

7 dated closings

Allocation policy

ACFR, as of Jun 30, 2025

Actual allocation lines without a target (as filed)

Overlays & Hedges 1.0%
Real Assets and Inflation Hedges 14.0%
Risk Reduction and Mitigation 24.0%
Other Assets 1.0%
Credit 12.0%
Growth 48.0%

Consultants and advisers

13 firms

Klausner Kaufman and Nossaman General consultantthrough Aug 12, 2026 Board minutes
Stepstone Group LLC Specialist consultantPrivate equity consultantthrough Apr 8, 2026 Board minutes
Kroll, LLC (US) Specialist consultantthrough Jun 30, 2025 ACFR
Meketa Investment Group Inc. General consultantthrough Jun 30, 2025 ACFR
Evercore Group Specialist consultantthrough Jun 30, 2025 ACFR
Mercer Investments LLC Specialist consultantthrough Jun 30, 2025 ACFR
Albourne America LLC Hedge fund consultantthrough Jun 30, 2025 ACFR
Altus Group US, Inc. Real estate consultantthrough Jun 30, 2025 ACFR
Campbell Lutyens & Co. Inc. Private equity consultantthrough Jun 30, 2025 ACFR
Jefferies LLC Specialist consultantthrough Jun 30, 2025 ACFR
State Street Bank & Trust Company Custodianthrough Jul 8, 2026 Board minutes
Milliman, Inc. Actuarythrough Jun 30, 2025 ACFR
Deutsche Bank National Trust Company Custodianthrough Jun 30, 2025 ACFR

People

4 roles

Chief investment officer

Jonathan Grabel

Chief Investment Officer (Jun 30, 2025) lacera.gov

Jonathan Grabel Acting Chief Executive Officer Chief Investment Officer

Jude Perez Deputy Chief Investment OfficerDeputy CIO
Luis A. Lugo Acting Chief Executive OfficerExecutive director / CEO
Santos H. Kreimann Chief Executive OfficerExecutive director / CEO

Manager roster

6 managers on the commitment tape

From the plan’s own commitment disclosures

Kingswood Capital Management, L.P.2 rows, $320M, latest Jun 23, 2026
GCM Grosvenor1 rows, $400M, latest Dec 10, 2025
Court Square Capital1 rows, $200M, latest May 21, 2026
Orion Mine Finance Fund III, L.P.1 rows, 1 re-ups, $100M, latest Dec 10, 2025
Parametric Portfolio Associates1 rows, $60.0M, latest Nov 12, 2025
Partners Group1 rows, $50.0M, latest Jan 14, 2026

Commitments

13 rows, 7 dated closings

Dated closings (the plan’s own date)

Date	Fund	Manager	Bucket	Amount	Status	Source
Aug 12, 2026	Cheyne Capital Management separate accountseparate account	Cheyne Capital Management	Private credit	$750M	Committed (dated)	lacera.gov
Aug 12, 2026	Whitman Peterson Fund Vco investment	Whitman Peterson	Real estate	$75.0M	Committed (dated)re-up	lacera.gov
Jun 23, 2026	Kingswood Capital Opportunities Fund IV	Kingswood Capital Management, L.P.	Private equity	$220M	Committed (dated)	lacera.gov
Jun 23, 2026	Kingswood Capital Opportunities Small Cap Fund I	Kingswood Capital Management, L.P.	Private equity	$100M	Committed (dated)	lacera.gov
May 26, 2026	Triton Fund 6 SCSp	Triton Partners	Private equity	$400M	Committed (dated)	lacera.gov
May 21, 2026	Court Square Capital V, L.P.	Court Square Capital	Private equity	$200M	Committed (dated)	lacera.gov
Nov 12, 2025	Parametric Portfolio Associates, LLP separate accountseparate account	Parametric Portfolio Associates	Hedge / diversifiers	$60.0M	Committed (dated)	lacera.gov

Disclosed holdings (from the plan’s performance or holdings report, as of the report date)

Date	Fund	Manager	Bucket	Amount	Status	Source
as of Apr 8, 2026	Bregal Sagemount V, L.P.	Bregal Sagemount	Private equity	$190M	Approved	lacera.gov
as of Jan 14, 2026	Partners Groupco investment	Partners Group	Private equity	$50.0M	Approved	lacera.gov
as of Dec 10, 2025	GCM Grosvenor separate accountseparate account	GCM Grosvenor	Real estate	$400M	Approved	lacera.gov
as of Dec 10, 2025	BlackRock, Inc. separate accountseparate account	BlackRock, Inc.	Real assets	$400M	Approved	lacera.gov
as of Dec 10, 2025	Aequim Arbitrage separate accountseparate account	Aequim Arbitrage	Hedge / diversifiers	$300M	Approved	lacera.gov
as of Dec 10, 2025	Orion Mine Finance Fund	Orion Mine Finance Fund III, L.P.	Real assets	$100M	Approvedre-up	lacera.gov

Size and funding

58 readings

Total assets

$78B Jun 30, 2024 reported Census ASPP

$74B (2023-06) · $71B (2022-06)

Fiduciary net position

$86B Jun 30, 2025 reported ACFR

$79B (2024-06) · $74B (2023-06) · $70B (2022-06)

Long-term investments

$75B Jun 30, 2024 reported Census ASPP

$71B (2023-06) · $67B (2022-06)

Total pension liability

$14B Jun 30, 2024 derived Census ASPP

$15B (2023-06) · $14B (2022-06)

Discount rate

7.10% Jun 30, 2024 reported Census ASPP

7.13% (2023-06) · 7.13% (2022-06)

Participants

194,742 Jun 30, 2024 derived Census ASPP

190,353 (2023-06) · 187,184 (2022-06)

Active members

98,700 Jun 30, 2024 derived Census ASPP

96,917 (2023-06) · 96,552 (2022-06)

Beneficiaries

74,781 Jun 30, 2024 reported Census ASPP

73,022 (2023-06) · 71,585 (2022-06)

Benefits paid

$4.5B Jun 30, 2024 reported Census ASPP

$4.2B (2023-06) · $4.0B (2022-06)

Investment expense

$184M Jun 30, 2024 reported Census ASPP

$189M (2023-06) · $310M (2022-06)

Commitment history

13 decisions the board record started

One line per vehicle, folded across the board’s own minutes and the plan’s later reports: when the item was proposed or recommended, when the board approved it, when the closing was dated, and when the position first showed up in a report. A line is closed only when a closing date exists; held means the plan reports the position without one on this graph.

Vehicle	Manager	Amount	State	Proposed	Approved	Closed	First reported	Other LPs
Kingswood Capital Opportunities Small Cap Fund I, L.P.	Kingswood Capital Management, L.P.	$100M	closed	-	Jul 8, 2026	Jun 23, 2026	-	1
Kingswood Capital Opportunities Fund IV, L.P.	Kingswood Capital Management, L.P.	$220M	closed	-	Jul 8, 2026	Jun 23, 2026	-	1
Whitman Peterson Fund V	n/a	$75.0M	closed	-	-	Aug 12, 2026	-	-
Cheyne Capital Management separate account	n/a	$750M	closed	-	-	Aug 12, 2026	-	-
Triton Fund 6 SCSp	n/a	$400M	closed	-	-	May 26, 2026	-	-
Court Square Capital V, L.P.	Court Square Capital	$200M	closed	-	-	May 21, 2026	-	-
Parametric Portfolio Associates, LLP separate account	Parametric Portfolio Associates	$60.0M	closed	-	-	Nov 12, 2025	-	-
Orion Mine Finance Fund	Orion Mine Finance Fund III, L.P.	$100M	approved	-	-	-	-	-
Partners Group	Partners Group	$50.0M	approved	-	-	-	-	-
Bregal Sagemount V, L.P.	n/a	$190M	approved	-	-	-	-	-
BlackRock, Inc. separate account	n/a	$400M	approved	-	-	-	-	-
Aequim Arbitrage separate account	n/a	$300M	approved	-	-	-	-	-
GCM Grosvenor separate account	GCM Grosvenor	$400M	approved	-	-	-	-	-

What changed

25 events

Aug 12, 2026Commitment closed
Los Angeles County Employees Retirement Association commits $750M to Cheyne Capital Management separate account, closed 2026-08-12
lacera.gov
Aug 12, 2026Commitment closed
Los Angeles County Employees Retirement Association commits $75M to Whitman Peterson Fund V, closed 2026-08-12
lacera.gov
Aug 12, 2026Search opened
Los Angeles County Employees Retirement Association (LACERA), Board of Investments opens a Real Estate Consultant search
lacera.gov
Aug 12, 2026Consultant changed
Los Angeles County Employees Retirement Association (LACERA), Board of Investments selects Klausner Kaufman and Nossaman as general consultant
lacera.gov
Jul 8, 2026Consultant changed
Los Angeles County Employees Retirement Association (LACERA), Board of Investments selects State Street Bank and Trust Co. as custodian
with State Street Bank & Trust Companylacera.gov
Jul 8, 2026Search opened
Los Angeles County Employees Retirement Association (LACERA), Board of Investments opens a Real Estate Consultant search
lacera.gov
Jul 8, 2026Search opened
Los Angeles County Employees Retirement Association (LACERA), Board of Investments opens a Passive Cash Overlay Investment Manager search
lacera.gov
Jul 8, 2026Commitment approved
Los Angeles County Employees Retirement Association (LACERA), Board of Investments reports as committed $220M to Kingswood Capital Opportunities Fund IV
with Kingswood Capital Management, L.P.lacera.gov
Jul 8, 2026Commitment approved
Los Angeles County Employees Retirement Association (LACERA), Board of Investments reports as committed $100M to Kingswood Capital Opportunities Small Cap Fund I
with Kingswood Capital Management, L.P.lacera.gov
Jun 23, 2026Commitment closed
Los Angeles County Employees Retirement Association commits $100M to Kingswood Capital Opportunities Small Cap Fund I (Kingswood Capital Management, L.P.), closed 2026-06-23
with Kingswood Capital Management, L.P.lacera.gov
Jun 23, 2026Commitment closed
Los Angeles County Employees Retirement Association commits $220M to Kingswood Capital Opportunities Fund IV (Kingswood Capital Management, L.P.), closed 2026-06-23
with Kingswood Capital Management, L.P.lacera.gov
May 26, 2026Commitment closed
Los Angeles County Employees Retirement Association commits $400M to Triton Fund 6 SCSp (Triton Partners), closed 2026-05-26
lacera.gov
May 21, 2026Commitment closed
Los Angeles County Employees Retirement Association commits $200M to Court Square Capital V, L.P., closed 2026-05-21
with Court Square Capitallacera.gov
Apr 8, 2026Commitment approved
Los Angeles County Employees Retirement Association (LACERA), Board of Investments reports as committed $190M to Bregal Sagemount V, L.P.
lacera.gov
Apr 8, 2026Consultant changed
Los Angeles County Employees Retirement Association (LACERA), Board of Investments selects StepStone Group LP as specialist consultant
with Stepstone Group LLClacera.gov
Jan 14, 2026Commitment approved
Los Angeles County Employees Retirement Association (LACERA), Board of Investments reports as committed $50M to Partners Group
with Partners Grouplacera.gov
Dec 10, 2025Commitment approved
Los Angeles County Employees Retirement Association (LACERA), Board of Investments reports as committed $100M to Orion Mine Finance Fund
with Orion Mine Finance Fund III, L.P.lacera.gov
Dec 10, 2025Commitment approved
Los Angeles County Employees Retirement Association (LACERA), Board of Investments reports as committed $300M to Aequim Arbitrage separate account
lacera.gov
Dec 10, 2025Commitment approved
Los Angeles County Employees Retirement Association (LACERA), Board of Investments reports as committed $400M to GCM Grosvenor separate account
with GCM Grosvenorlacera.gov
Dec 10, 2025Commitment approved
Los Angeles County Employees Retirement Association (LACERA), Board of Investments reports as committed $400M to BlackRock, Inc. separate account
lacera.gov
Nov 12, 2025Commitment closed
Los Angeles County Employees Retirement Association commits $60M to Parametric Portfolio Associates, LLP separate account, closed 2025-11-12
with Parametric Portfolio Associateslacera.gov
Jun 30, 2024Assets changed
Los Angeles County Employees Retirement Association total assets $73.7B -> $78.2B (+6.1%, 2023-06-30 to 2024-06-30)
www2.census.gov
Jun 30, 2024Assets changed
Los Angeles County Employees Retirement Association fiduciary net position $73.9B -> $79.2B (+7.2%, 2023-06-30 to 2024-06-30)
www2.census.gov
Jun 30, 2023Assets changed
Los Angeles County Employees Retirement Association fiduciary net position $70.3B -> $73.9B (+5.1%, 2022-06-30 to 2023-06-30)
www2.census.gov
Jun 30, 2023Assets changed
Los Angeles County Employees Retirement Association total assets $70.5B -> $73.7B (+4.5%, 2022-06-30 to 2023-06-30)
www2.census.gov

Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.

Provenance

Identifiers: Census PID6 119300

Cross-graph: no entry on another DFX graph

First observed Sep 15, 2026, last observed Sep 16, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.