# LACERA OPEB Trust Fund

LACERA OPEB Trust Fund is a Pension Fund based in Pasadena, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Pasadena, United States
- **Region:** North America
- **Address:** Pasadena, United States
- **Founded:** 1938
- **Assets under management:** $4.4B (Altss estimate)
- **Website:** https://www.lacera.com
- **LinkedIn:** https://www.linkedin.com/company/lacera

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Government Bonds

## People

- Jonathan Grabel — Chief Investment Officer
- Esmeralda del Bosque — Principal Investment Officer
- Shawn R. Kehoe — Chair of the Board of Investments

## Questions

### Who runs investment decisions at LACERA OPEB Trust Fund?

Jonathan Grabel serves as Chief Investment Officer. Esmeralda del Bosque acts as Principal Investment Officer for the OPEB vehicle.

### How is the LACERA OPEB Trust Fund structured relative to the main pension plan?

It operates as a separate master trust for post-employment health benefits. The County of Los Angeles serves as plan sponsor.

### What asset classes appear in the LACERA OPEB Trust Fund portfolio?

Government bonds form a core allocation. Real assets include property funds and infrastructure holdings.

### Which entities participate as employers in the LACERA OPEB Trust Fund?

The County of Los Angeles acts as primary sponsor. The Los Angeles County Superior Court participates as an employer.

### Does the LACERA OPEB Trust Fund hold any disclosed real-estate positions?

Yes. Positions include the IDR Core Property Index Trust and Clarion Lion Properties Fund.

## Related profiles

- [Oddo BHF Private Assets](https://altss.com/profile/oddo-bhf-private-assets)
- [Lincolnshire County Council](https://altss.com/profile/lincolnshire-county-council)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/los-angeles-county-employees-retirement-association-opeb-trust-fund

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology