LACERA OPEB Trust Fund

LACERA OPEB Trust Fund

The Los Angeles County Employees' Retirement Association OPEB Trust Fund was established to manage retiree health obligations separate from the main pension plan. Jonathan Grabel oversees investments as CIO of LACERA, with Esmeralda del Bosque serving as Principal Investment Officer for the OPEB vehicle and Shawn R. Kehoe acting as Board Chair. The trust deploys capital across government bonds and real assets. Confirmed holdings include the IDR Core Property Index Trust, Clarion Lion Properties Fund, and the Natural Resources and Infrastructure Portfolio. Additional exposure runs through LACERA OPEB Private Markets LP, a Delaware vehicle. Geographic reach centers on the United States with participation in national property and infrastructure markets. The fund reports 4,400 million dollars under management on an Altss internal estimate. It occupies Gateway Plaza at 300 N. Lake Ave in Pasadena. The trust maintains signatory status with the Principles for Responsible Investment since 2008 and holds active membership in the Council of Institutional Investors. The structure functions as a dedicated OPEB master trust sponsored by the County of Los Angeles with the Superior Court as a participating employer. This separation from the primary pension plan creates a distinct mandate focused solely on health-benefit liabilities.