LACERS approves $230m in commitments

The Los Angeles-based public pension fund has backed five North American private equity vehicles.

Institution: Los Angeles City Employees’ Retirement System
Headquarters: Los Angeles, US
AUM: $23.31 billion
Allocation to alternatives: 25.99%

Los Angeles City Employees’ Retirement System has approved $230 million-worth of commitments across five private equity funds, according to the pension’s November 2021 board meeting document.

The fund commitments comprise $75 million to Clearlake Capital Partners VII, $50 million to HarbourVest Partners VI, $50 million to TPG Rise Climate Fund, $30 million to Advent Global Technology II and $25 million to Barings Emerging Generation Fund.

LACERS has a 16 percent target allocation to private equity, which currently stands at 14.53 percent.

As illustrated below, the $23.31 billion public pension devotes 25.99 percent of its full investment portfolio to alternative assets. The pension’s recent private equity commitments have tended to focus on global venture capital and buyout vehicles that invest across a variety of sectors.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.