LACERA commits $65 mln to two Joy Capital funds

  • Name: Los Angeles County Employees’ Retirement Association
  • Headquarters: Pasadena, United States
  • AUM: $57.9 bln
  • Alternatives Allocation: 23.3 pct
  • PE Allocation: 9.5 pct; target is 10 pct.
  • Commitment range: $50 mln to $100 mln
  • Contact: Principal Investment Officer Vache Mahseredjian,

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.

This story first appeared in Private Equity International, an affiliate publication. PEI reporter Yvonne He can be reached at