LACERS Commits $205M to Private Equity, Venture Capital

The Los Angeles County Employees’ Retirement System has disclosed nine new private equity and venture capital investments totaling up to $205 million.

$25 million was committed Oceansound Partners Fund II, a buyout fund. $20 million was committed to the venture capital fund, Ulu Ventures Fund IV. $30 million was committed to ICG Strategic Equity Fund V, a secondaries strategy. Two Genstar funds received allocations, $35 million was committed to Genstar Capital XI and $25 million was committed to the Genstar XI Opportunities Fund. $5 million was allocated to Mayfield Select III, and an additional $5 million was allocated to Mayfield XVII, both are venture capital funds. Lastly, $40 million was committed to KPS Special Situations Fund VI, and $20 million was invested in KPS Special Situations Mid-Cap Fund II, both are buyout funds.

LACERS private equity consultant, Aksia, assisted with the investments.

As of May 31, 2023, the $21 billion Retirement System has an actual and target allocation to private equity of 19.08% and 16% respectively.

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