LACERS adds four PE funds

The $23 billion Los Angeles City Employees’ Retirement System (LACERS) has added $110 million to its existing private equity program with the addition of four funds.

The pension fund’s $4.4 billion private equity portfolio returned 6.46% for the year ended May 31, 2024, according to its most recent investment performance report. The total investment portfolio returned 10.89% over the same period.

Spark Capital, which specializes in digital media and technology investments, saw two allocations from LACERS. The first was a $33.34 million commitment to the venture capital firm’s late-stage growth fund, Spark Capital Growth Fund V. A second commitment of $16.66 million went to Spark Capital VIII, according to meeting documents.

SK Capital Partners’ latest fund, SK Capital Partners VI-A, saw an allocation of $40 million. The private equity fund is focused on making control investments in specialty chemicals, specialty materials and pharmaceutical companies in North America and Western Europe.

Finally, venture capitalist Builders VC saw a commitment as part of LACERS’ emerging manager program. A $20 million allocation went to Builders VC Fund III, which invests in early-stage technology companies.