TLDR:
- LACERS added $110 million to its private equity program with four new funds.
- The pension fund’s private equity portfolio returned 6.46% for the year through May 31, 2024.
The Los Angeles City Employees’ Retirement System (LACERS) has expanded its private equity program with the addition of four new funds, totaling $110 million. The pension fund’s $4.4 billion private equity portfolio returned 6.46% for the year through May 31, 2024, outperforming its overall investment portfolio return of 10.89% over the same time period.
Spark Capital received two allocations from LACERS, with a $33.34 million commitment to their late-stage growth fund, Spark Capital Growth Fund V, and a $16.66 million commitment to Spark Capital VIII. SK Capital Partner’s latest fund, SK Capital Partners VI-A, received a $40 million allocation, focusing on control investments in specialty chemicals, specialty materials, and pharmaceutical companies. Additionally, Builders VC, a venture capital shop, saw a $20 million commitment as part of LACERS’ emerging manager program for their Fund III, which invests in early-stage technology companies.
This strategic move by LACERS demonstrates their commitment to diversifying and expanding their private equity portfolio with a focus on various industries and investment stages.
