Los Angeles County Employees Retirement Association, Pasadena, Calif., committed up to $125 million to venture capital fund Institutional Venture Partners XV, said David Kushner, chief investment officer for the $48 billion pension fund, in an e-mail.
The firm makes later-stage venture capital and growth equity investments in the United States. LACERA has invested in prior Institutional Venture Partners funds.
Separately, LACERA officials expect to make commitments to between 14 and 16 funds, representing total new commitments of about $1.6 billion to $2 billion, the fund’s 2015 private equity annual investment plan shows.
Staff members also are exploring investing with natural resources managers for oil and gas, mineral resources, water and/or renewable energy.
“However, given market volatility and the surge of fundraising, staff is exercising caution in capital deployment and currently focusing on information gathering, with support from the consultant,” a report to the board for its March 11 meeting states. “This effort positions LACERA to identify, conduct due diligence, and recommend proven performers in a crowded market.”
