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Los Angeles County Employees Retirement Association (LACERA), a public retirement scheme with billions in hedge funds, has approved a new $600m multi-strategy ticket.
LACERA is committing $600m to Mariner Atlantic Multi-Strategy Fund, which executes relative value strategies across interest rate, credit and mortgage securities.
Mariner Investment Group, headquartered in New York, runs $8bn across public and private market investments, including a growing multi-strategy offering.
LACERA featured on AFI’s Power25 ranking of influential hedge fund allocators in 2024. The $77bn system, which has 8% in hedge funds, renewed its relationship with Albourne & Partners after an RFP.
It also added its name to the Texas TRS/Albourne-led letter calling for cash hurdles in fees.
At the same meeting in December, news came of a finalised $500m investment in Siguler Guff & Company, a manager which will execute a credit strategy for LACERA structured as a dedicated managed account (DMA) by its DMA platform manager, Innocap.
Centerbridge, the credit manager, has also been awarded a $775m ticket under the DMA arrangement via Innocap.