L
LP profile
LACERA
Pension fund · Pasadena, United States
247
VC firms backed
$73B
AUM
~$1.5B
Allocated to VC (est. 2%)
01 · Background
Who LACERA is.
- Historical Background
- The Los Angeles County Employees Retirement Association (LACERA) was established in 1937 as a pension trust fund to provide retirement and death benefits to employees of Los Angeles County. Since 1971, LACERA has also been responsible for administering the Retiree Healthcare Benefits Program.
- Source of Capital
- LACERA's capital is primarily sourced from the pension funds of Los Angeles County employees. The organization also manages funds for outside districts, including the Little Lake Cemetery District, the Local Agency Formation Commission for the County of Los Angeles, the Los Angeles County Office of Education, and the South Coast Air Quality Management District.
- Allocation Strategy
- LACERA's investment portfolio is diversified across various asset classes, with a notable allocation to real assets and private equity. The fund has a target allocation of 7% for real estate and 4.5% for infrastructure, with plans to commit over $2.1 billion to real estate in 2025. LACERA is adjusting its strategy to increase downside protection in response to market conditions, shifting some capital from global equity and real estate to hedge funds and investment-grade bonds.
02 · Fund commitments
The funds LACERA backs.
LACERA is a limited partner in 247 funds. 28 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
Accel
#4 Power Law
Lightspeed Venture Partners
#7 Power Law
Kleiner Perkins
#18 Power Law
Insight Partners
#23 Power Law
Redpoint
#42 Power Law
Notable Capital
#61 Power Law
Lerer Hippeau
#63 Power Law
TCV
#67 Power Law
Menlo Ventures
#75 Power Law
Greycroft Partners
#76 Power Law
IVP
#84 Power Law
Canaan
#103 Power Law
Sinovation Ventures
#279 Power Law
Adelis Equity Partners
Aermont Capital
AEW Invest
Agilitas Private Equity
Alchemy Partners
Alcuin Capital Partners
Altor Equity Partners
Antin Infrastructure Partners
Apax Partners
Appian Capital
Ardian
BlackFin Capital Partners
Integral Corporation
Joy Capital
Kerogen Capital
Lanchi Ventures
Lilly Asia Ventures
MBK Partners
Pemba Capital Partners
Unison Capital
03 · Allocation
How LACERA’s fund book is spread.
The 247 funds LACERA backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters.
- North America 19278%
- Europe 4317%
- Rest of world 125%
United States 187 · United Kingdom 20 · France 6 · Canada 5
How established those managers are
Managers grouped by how many funds they have raised — across the 167 of 247 with a fund history on record.
Emerging funds · 69
Established funds · 98
28
1
20
2
21
3
19
4
22
5-6
23
7-9
15
10-14
19
15+
Funds raised by the manager
04 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to LACERA by combined power-law score — North America first, then the nearest worldwide.
🇺🇸
Operating Engineers Trust Fund of Washington D.C. and Vicinity
$1.5B AUM
52 VC funds backed
🇺🇸
The Pension Benefit Guaranty Corporation (PBGC)
$123B AUM
105 VC funds backed
🇺🇸
Lucent Technologies Master Pension Trust
$13B AUM
52 VC funds backed
🇺🇸
Bell Atlantic Master Trust
$8.0B AUM
55 VC funds backed
🇺🇸
MGB Erisa Master Trust
$3.8B AUM
46 VC funds backed
🇺🇸
Nevada Public Employees Retirement System
$53B AUM
61 VC funds backed
🇺🇸
Orange County Employees' Retirement System
$23B AUM
96 VC funds backed
🇺🇸
Washington State Investment Board
$190B AUM
99 VC funds backed