LACERA approves $65m in commitments

The US public pension has backed two China-focused private equity funds.

Institution: Los Angeles County Employees’ Retirement Association
Headquarters: Pasadena, United States
AUM: $57.88bn
Allocation to Alternatives: 23.3%
Bitesize: $50-100m

Los Angeles County Employees’ Retirement Association has agreed to commit $65 million to two China-focused private equity funds, as confirmed by recently approved board documents.

The commitments comprise of up to $40 million to Joy Capital III, an early-stage venture capital fund focused on technology, media, and telecommunications companies, and $25 million to Joy Opportunity Fund, which will make follow on investments in Joy Capital’s prior China-focused funds.

The $57.88 billion public pension has a 10 percent target allocation to private equity that currently stands at 9.5 percent.

As illustrated in the charts below, LACERA has made several commitments to private equity funds with a 2018 vintage which combined constitute $740 million. Of those commitments, $495 million were made to funds focused on technology, media, and telecommunications.

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