Los Angeles City Employees' Retirement System provides retirement benefits for Los Angeles City employees, except Department of Water and Power employees. LACERS manages and administers the City Employees' Retirement Fund, invests the Fund's assets, determines the health providers and coverage for retired employees, and approves members' disability retirements. As a limited partner, Los Angeles City Employees' Retirement System is a public pension fund with $5.2 billion in assets under management. The fund engages in alternative investment strategies that include buyouts/corporate finance, international private equity, and venture capital. LACERS allocates a maximum of 3% or $156 million of its total assets to alternative investments. Los Angeles City Employees' Retirement System was established in 1937 and is based in Los Angeles, California.