Los Angeles City Employees' Retirement System reported that it has committed a total of up to $141 million to three private equity funds.
Staff of the $21.6 billion pension fund under delegation of authority committed up to €76 million ($81 million) to Vitruvian Investment Partnership V, a European technology-focused growth fund managed by Vitruvian Partners. LACERS has invested with Vitruvian Partners in the past, including €35.24 million to Vitruvian Investment Partnership IV.
Fund V has a €6.5 billion fundraising target.
Separately, LACERS committed up to $60 million combined to two GTCR funds, GTCR Fund XIV/A and GTCR Fund XIV/B which will focus on control-oriented investments in North American large and middle-market companies within the technology, media and telecommunications; financial services technology; healthcare; and growth business services sectors. LACERS has invested with GTCR in the past, including $40 million to GTCR Fund XII, a middle-market buyout fund.
The funds have a $9.25 billion fundraising target.