- Committed $40 mln to Joy Capital III
- Another $25 mln went to Joy Opportunity Fund
- LACERA’s PE allocation current sits at 9.5 pct
Los Angeles County Employees’ Retirement Association has agreed to commit $65 million to two China-focused private equity funds, as confirmed by recently approved board documents.
The commitments comprise of up to $40 million to Joy Capital III, an early stage venture capital fund focused on technology, media, and telecommunications companies, and $25 million to Joy Opportunity Fund, which will make follow on investments in Joy Capital’s prior China-focused funds.
The $57.88 billion public pension has a 10 percent target allocation to private equity that currently stands at 9.5 percent.
LACERA has made several commitments to private equity funds with a 2018 vintage which combined constitute $740 million. Of those commitments, $495 million were made to funds focused on technology, media, and telecommunications. —Yvonne He, Private Equity International
This story first appeared in Private Equity International, a Buyouts affiliate publication.