Los Angeles County Employees Retirement Association (LACERA) has scrapped a planned $500m (€449.2m) credit mandate with Kayne Anderson following the asset manager’s agreement to sell its real estate business to private markets manager, Bridgepoint.
UK-listed Bridgepoint announced in June that it was acquiring Kayne Anderson’s US real estate investment arm for $1.39bn.
LACERA had finalised the mandate agreement just days before the corporate acquisition was disclosed, prompting the $86bn US public pension fund to reassess the allocation and terminate the deal.
The planned mandate with Kayne Anderson was structured across three strategies: real estate debt, infrastructure debt and private credit, according to people familiar with the matter.
LACERA now plans to reallocate the capital to existing managers within its private credit portfolio or reserve it for potential new manager hires.
As of June 2026, LACERA held an $11.7bn credit portfolio, representing 12.5% of total plan assets against a 13% target allocation.
Kayne Anderson declined to comment.
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