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Alternative Assets  + Private Equity  + Real Estate  |  January 2, 2025
LACERA Adds Over $250M to PE, Real Estate Portfolios
Joe Palmisano
By: Joe Palmisano

LACERA Adds Over $250M to PE, Real Estate Portfolios

The Los Angeles County Employees Retirement Administration (LACERA) has made over $250 million in commitments to private equity and real estate in the past month, according to recent meeting documents.

The $82 billion pension fund allocated $250 million to Summit Partners’ Growth Equity Fund XII, a private equity fund focusing on venture capital and growth opportunities in growth products and services, health care and life sciences, and technology, primarily in North America.

Boston-based Summit Partners is an existing manager in the portfolio. Other investors in the fund include the Illinois Municipal Retirement Fund and the Minnesota State Board of Investment.

Within the real estate program, officials approved up to $7.5 million in NAV for a secondary investment in Clarion Lion Properties Fund, a core ODCE open-end real estate fund seeking opportunities in diversified U.S. regions. Last year, officials committed $600 million to the Clarion Partners-managed fund.

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Los Angeles County Employees Retirement Administration

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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