# Los Angeles City Employees' Retirement System

Los Angeles City Employees' Retirement System is a Pension Fund based in Los Angeles, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Los Angeles, United States
- **Region:** North America
- **Address:** 977 N Broadway, Los Angeles, CA 90012, United States
- **Founded:** 1937
- **Assets under management:** $26.9B
- **Website:** lacers.org
- **LinkedIn:** https://www.linkedin.com/company/lacers

## Regulatory record

- **Reports private funds:** No

## About

LACERS is a department of the City of Los Angeles. The City Charter established it in 1937. It provides retirement benefits to civilian employees of the City of Los Angeles, serves nearly 27,000 active employees and over 22,700 retirees and beneficiaries, and administers pension benefits, retiree health care premiums, and a substantial pension fund portfolio.

## Sectors

- Real Estate
- Secondaries & Special Situations
- Private Credit
- Infrastructure

## People

- Rodney June — Chief Investment Officer
- Todd Bouey — General Manager
- Annie Chao — President of the Board of Administration
- Sung Won Sohn — Board Commissioner

## Questions

### Who runs investment decisions at LACERS?

Chief Investment Officer Rodney June leads the investment program, reporting through General Manager Todd Bouey to a Board of Administration. The board, chaired by President Annie Chao, retains ultimate fiduciary authority over asset allocation, investment policy, and manager selection. Board Commissioner Sung Won Sohn, a former chief economist at Wells Fargo, provides additional macroeconomic perspective on portfolio strategy.

### How does LACERS fit into the broader Los Angeles public pension landscape?

LACERS is one of two major municipal pension funds covering City of Los Angeles employees. It serves civilian city workers, while the Los Angeles Fire and Police Pensions (LAFPP) covers sworn public safety personnel. The two systems coordinate on certain investment initiatives and have collaborated on local ballot measures, including Measure FF, a joint pension funding measure.

### Does LACERS invest directly or only through external managers?

LACERS primarily deploys capital through external fund managers across private equity, private credit, real estate, and real assets. The system participates in both fund commitments and co-investment vehicles, but it does not operate a large in-house direct-investment team. This contrasts with peer public plans that have built internal direct capabilities for large-scale infrastructure and real estate transactions.

### Which asset classes does LACERS include in its private-markets program?

The private-markets portfolio spans buyout, growth equity, venture capital, distressed debt, mezzanine lending, CLOs, secondaries, and special situations. Real assets commitments have included industrial, residential, commercial, and mixed-use real estate vehicles alongside global timber partnerships.

## Related profiles

- [Teachers' Retirement System of Louisiana](https://altss.com/profile/teachers-retirement-system-of-louisiana)
- [University of Pennsylvania Endowment](https://altss.com/profile/university-of-pennsylvania-endowment)

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Last updated: 2026-07-08T22:13:27.389Z

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