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.