LACERS Commits $315M to Private Equity Funds

The Los Angeles City Employees’ Retirement System has disclosed up to $315 million in commitments across 7 private equity funds, according to meeting materials from the August 23 board meeting.

Buyout

$60 million was committed to Advent International GPE X. LACERS has committed $175 million across six Advent funds previously. $40 million was committed to HG Genesis 10A, which will focus on European buyouts. Nordic Capital Fund XI was allocated €45.2 million (approximately $50 million). Fund XI targets control investments in upper-middle market businesses.

Venture Capital

$50 million was committed to Oak HC/FT Partners V, a multi-stage venture capital strategy. LACERS has previously committed $85 million across four Oak HC/FT funds. In addition, technology-focused venture capital strategy, Bessemer Venture Partners XII Institutional was awarded a $25 million allocation.

Growth Equity

$60 million was committed to TCV XII, managed by Technology Crossover Ventures. TCV XII invests in enterprise and consumer technology companies in North America and Europe. Finally, $30 million was allocated to L2 Point Opportunities I. The Fund will focus on structured equity investments in growth-stage companies.

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

As of May 31, 2022, the $21 billion Retirement System has an actual and target allocation to private equity of 21.69% and 21% respectively.

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