Los Angeles City Employees' Retirement System committed up to $40 million to Vista Equity Partners Fund V, according to a notice to the board of the $13.5 billion pension plan by private equity consultant Portfolio Advisors
The private equity fund is expected to invest in enterprise software companies and has a $3.5 billion fundraising target. LACERS has made commitments to three previous Vista Equity funds.
Separately, LACERS committed up to $25 million to Draper Fisher Jurvetson's DFJ Growth 2013.
The DFJ fund expects to raise around $350 million to make venture capital investments in about 20 companies that have the potential of being market leaders.
This is LACERS first investment in a DFJ Growth fund. LACERS committed to three funds that were affiliated with DFJ at the times the investments were made, but no longer are affiliated with the venture capital firm.
Portfolio Advisors assisted with both commitments under its discretionary mandate.