The $23 billion Los Angeles City Employees’ Retirement System (LACERS) 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 through May 31, 2024, according to the most recent investment performance report. The overall investment portfolio returned 10.89% over the same time 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 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 Partner’s latest fund, SK Capital Partners VI-A, saw a $40 million allocation. The private equity fund is focused on making control investments in specialty chemicals, specialty materials and pharmaceutical companies in North America and Western Europe.
Lastly, venture capital shop 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.