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LACERS pledges up to $280 million to 6 funds

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Los Angeles City Employees’ Retirement System disclosed private equity and real estate commitments totaling up to $280 million in materials for its Wednesday board meeting

In private equity, the $23.3 billion pension fund committed up to $75 million to Clearlake Capital Partners VII, a private equity special situations and value fund managed by Clearlake Capital Group; up to $50 million each to HarbourVest Co-Investment Fund VI, a private equity co-investment fund managed by HarbourVest Partners, and growth equity fund TPG Rise Climate; up to $30 million to Advent Global Technology II, a buyout fund managed by Advent International; and up to $25 million to lower middle-market buyout fund Barings Emerging Generation Fund.

As of Sept. 30, LACERS’ actual allocation to private equity was 14.5%; the target is 16%.

Private equity consultant Aksia TorreyCove assisted with the commitments.

In real estate, the pension fund committed up to $50 million to LBA Logistics Value Fund IX, a value-added real estate fund managed by LBA Realty.

As of Sept. 30, LACERS’ actual allocation to real assets was 11.5%; the target is 12%.