Los Angeles City Employees' Retirement System committed a total of up to $185 million to five alternative investment funds, according reports for the board's meeting Tuesday.
The $21.4 billion pension fund committed up to $60 million to TA XV-A, a middle-market growth equity fund managed by TA Associates; and up to $50 million to Hellman & Friedman Capital Partners XI, a large-cap North American and European buyout fund.
LACERS also committed up to $40 million to GGV Capital IX, a multistage venture capital fund investing in social/internet, enterprise technology and smart technology businesses primarily in the U.S. and China; and up to $10 million to GGV Capital IX Plus, a growth-stage venture capital fund that would invest in existing GGV portfolio companies in the flagship fund.
The pension fund committed up to $25 million in Barings Emerging Generation Fund II, which will focus on executing a private equity fund-of-funds strategy working with emerging manager funds based in North America and Europe.
Separately, the board adopted a real estate strategic plan to commit up to $300 million in in fiscal year 2024 made up of $100 million to core and up to $200 million for non-core real estate.
LACERS has a 7% real estate target and $1.3 billion in its real estate portfolio as of Dec. 31.
The board also extended the contract of Loomis, Sayles & Co. which manages a $224 million active high-yield fixed-income portfolio. Loomis Sayles' current contract expires Aug. 31.
