Los Angeles City Employees' Retirement System committed up to $45 million to three private equity funds, said reports to the board by the $14.2 billion pension fund's discretionary private equity consultant, Portfolio Advisors.
LACERS committed up to $25 million to StepStone Secondary Opportunities Fund III, a fund that invests in the private equity secondary market managed by StepStone Group. LACERS has invested with StepStone in the past.
The pension fund also committed up to $10 million to venture capital fund Longitude Venture Partners III managed by Longitude Capital. This is a new relationship for LACERS.
It also committed up to $10 million to Vista Foundation Fund III, a buyout fund investing in small-cap companies managed by Vista Equity Partners. LACERS has invested with Vista Equity in the past.