LACERS Adds $114M to Private Equity, VC Portfolios

The Los Angeles City Employees’ Retirement System (LACERS), which oversees $23 billion in assets, added $110 million to its private equity program with the inclusion of four new funds.

Spark Capital, which focuses on digital media and technology investments, received two allocations, including a $33.34 million commitment to the venture capital firm’s late-stage growth fund, Spark Capital Growth Fund V. Spark Capital VIII received a second investment for $16.66 million.

SK Capital Partner’s most recent fund, SK Capital Partners VI-A, received a $40 million allocation. The private equity fund primarily invests in specialty chemicals, specialty materials, and pharmaceutical companies in North America and Western Europe.

Lastly, the venture capital firm Builders VC received a commitment as part of LACERS’ emerging manager program. Builders VC Fund III received a $20 million allocation to invest in early-stage technology startups.

According to the most recent investment performance report, the pension fund’s $4.4 billion private equity portfolio returned 6.46% through May 31, 2024. The overall investment portfolio returned 10.89% throughout the same period.