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LACERS commits $110m to PE funds

The Los Angeles City Employees’ Retirement System (LACERS), which manages $23.1 billion in assets, has committed up to $110 million to various private equity funds, according to a report by Pensions & Investments citing officials at the pension fund.

LACERS has allocated $50m to two funds managed by Spark Capital – a commitment of up to $33m in Spark Capital Growth Fund V, a late-stage growth venture capital fund, which focuses on investments in digital media and technology companies with a fundraising target of $1.4bn, and commitment of up to $17m in,Spark Capital VIII: An early-stage venture capital fund also targeting digital media and technology companies, with a fundraising target of $700m.

LACERS has also committed $40m to SK Capital Partners VI-A, adprivate equity fund focuses on control investments in specialty chemicals, specialty materials, and pharmaceutical companies in North America and Western Europe. The fund’s fundraising target is $2.8 billion.

And finally, the pension fund has made a commitment of $20m to Builders VC Fund III, a venture capital fund investing in early-stage technology companies, as part of LACERS’ emerging investment manager program. Builders VC is aiming to raise $400m.

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