A total of $110 million in commitments was approved by the Los Angeles County Employees Retirement System across four private equity and venture capital funds, per materials from the June 25 board meeting.
$20 million was allocated to early stage venture capital fund Builders VC Fund III. LACERS has an existing relationship with the firm.
$33.34 million was allocated to Spark Capital Growth Fund V. The growth equity strategy managed by Spark Capital Partners focuses on late and growth stage investments.
Additionally, $16.66 million was allocated to Spark Capital VIII. Spark Capital funds focus on early-stage venture capital investments. The commitment continues an existing relationship between Spark Capital and LACERS.
Lastly, a $40 million commitment was approved for SK Capital Partners VI-A. The buyout fund will focus on control investments in North American and Western European businesses operating within specialty chemicals, specialty materials and pharmaceutical industries. SK Capital is a new general partner relationship for LACERS.
As of December 31, the $22.8 billion retirement fund allocates 18.8% of the total plan assets to private equity.
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