LACERS Allocates $295M to Private Equity Funds

The Los Angeles City Employees’ Retirement System (LACERS) approved $295M in commitments across four strategies within private equity at its September 24 board meeting.

LACERS allocated $150M to HarbourVest Broadway Co-Investment, a separately managed account that will focus on making direct co-investments with existing general partners and hard-to-access general partners that do not currently work with LACERS. The commitment will continue an existing investment relationship between the two.

The pension also allocated $20M to KLC Fund II, a middle-market buyout fund managed by Knox Lane. The investment fund strategy is focused on lower-middle-market business and consumer-service companies across North America, and the commitment marks a new investment relationship between the two.

LACERS also allocated $125M across two Thoma Bravo strategies and related feeder vehicles.

Thoma Bravo Discover Fund V & Thoma Bravo Discover Fund V-P received a $60M allocation. The funds are a lower-middle-market technology and software buyout strategy. Thoma Bravo has an existing general partner relationship with LACERS.

Thoma Bravo Fund XVI & Thoma Bravo Fund XVI-P received a $65M allocation. The funds are focused on making control-oriented investments in North American large- and mega-cap software and tech-enabled businesses operating within the application, infrastructure, and security software industries.

According to Dakota data, LACERS has approximately $23.1B in managed assets.

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