Alameda County Employees' Retirement Association (ACERA)
Public pension plan No recent venture fund
Alameda County Employees' Retirement Association (ACERA) reports 15 venture funds, $140M in all.
Holdings are from its report as of December 31, 2024. That is more than a year ago: it may have added or sold funds since.
The numbers
| Vintage | Venture funds |
|---|---|
| 2009 | 3 |
| 2010 | 1 |
| 2011 | 2 |
| 2012 | 3 |
| 2013 | 1 |
| 2014 | 0 |
| 2015 | 1 |
| 2016 | 0 |
| 2017 | 1 |
| 2018 | 2 |
| 2019 | 0 |
| 2020 | 1 |
Updates from Alameda County Employees' Retirement Association (ACERA)
All of Alameda County Employees' Retirement Association (ACERA)’s updates on Hottub VC
Largest venture holdings
From its report as of December 31, 2024.
| Fund, as reported | Manager | Vintage | Commitment |
|---|---|---|---|
| Khosla Ventures IV, L.P. | Khosla Ventures | 2011 | $15M |
| New Enterprise Associates 16, L.P. | New Enterprise Associates | 2017 | $15M |
| Third Rock Ventures II, L.P. | Third Rock Ventures | 2010 | $12M |
| Khosla Ventures III, L.P. | Khosla Ventures | 2009 | $12M |
| New Enterprise Associates 13, L.P. | New Enterprise Associates | 2009 | $11M |
In the app: 10 more venture funds. Open Alameda County Employees' Retirement Association (ACERA) in LP Intelligence for every fund it holds and how to reach it, or find the LPs that back firms like yours.
How it invests
Steady: it backs its managers again about as often as most LPs that report fund by fund. It backed 79% of its managers again when they raised a later fund (29 chances), and stays with a manager 5.2 years on average.
From its own report and published commitments. How it invests in LP Intelligence: whether it kept committing through 2022–23, how much goes to managers on Fund I–III, and what it committed to lately.
Recent commitments
| Date | Fund, as published | Manager | Approved | Source |
|---|---|---|---|---|
| October 7, 2026 | CD&R Fund XIII | — | up to $100M | Document |
| August 6, 2025 | Great Hill Equity Partners IX | — | up to $50M | Document |
| August 6, 2025 | Khosla Ventures IX | Khosla Ventures | — | Document |
| August 6, 2025 | Khosla Ventures Seed G | Khosla Ventures | — | Document |
| August 6, 2025 | Khosla Ventures Opportunity III | Khosla Ventures | — | Document |
Its 5 commitments from the last 24 months to private equity and venture funds, as Alameda County Employees' Retirement Association (ACERA) published them. Dates are the day the plan gives. Amounts are ceilings: the most the plan approved committing, not closed commitments. What this plan publishes · every plan’s recent commitments.
LPs nearby
Within 100 miles, by city: a trip to one can take in the others.
- University of California
- Mitchell Kapor Foundation
- Kenneth Rainin Foundation
- Akonadi Foundation
- Lora L and Martin N Kelley Family Foundation Trust
- The Springcreek Foundation
- Battle Family Foundation
- Arkay Foundation
106 LPs within 100 miles in all: see them on the map.
How to submit
It takes submissions from fund managers. See how to submit, on its site.
Emerging-manager program: Emerging Investment Manager Program. It considers First-, second-, or third-time institutional funds raised by a firm with less than $5 billion in committed capital.
Private-markets consultant: NEPC (source).
In its words: “Managers introduce products to ACERA through its Investment Products and Services Introductions (IPSI) form plus an uploaded pitch book; IPSI is separate from ACERA's manager search process, and staff forward aligned products to ACERA's consultants. ACERA's emerging manager policy defines private markets emerging managers as first-, second-, or third-time institutional funds raised by a firm with less than $5 billion in committed capital, and targets up to 10% of the total fund.”
Read from its own pages on October 19, 2026: acera.org/investment-partner-introductions, acera.org/post/emerging-investment-manager-policy, acera.org/sites/main/files/file-attachments/3_2022_acera…. Programs change; its site is the record.
About this data
Holdings as this LP reports them, fund by fund. Amounts are its commitment to each fund. Fund performance it reports is on each firm’s page. As of December 31, 2024. Source: ACERA Annual Report on Alternative Investments (Government Code Section 7514.7 Disclosures Chart). Funds are linked to a manager by name; a match can be wrong, and the original filing is the record. How Hottub reads its sources.
From the Alternative Investment Vehicle (AIV) Disclosures Chart that ACERA staff present to the Investment Committee each December under California Government Code Section 7514.7, for the period ending 2024-12-31 (ACERA's fiscal year is the calendar year). The chart says it is prepared by ACERA from its own records and the fund managers' reports and has not been prepared, reviewed or approved by the fund managers. Net IRR is the chart's "Net IRR (Since Inception)" and TVPI its "Investment Multiple (Since Inception)", both as printed; for 36 funds the printed multiple differs from (Cash Distributions + NAV) / Cash Contributions, and DPI is left blank. Amounts are whole US dollars as printed: Commitment, "Cash Contributions (Since Inception)", and "Cash Distributions", which the chart heads "(FY 2024)" on a fiscal-year-end basis and which are cumulative to that date; total value is the printed "Cash Distributions + NAV". Vintage is the chart's "Vintage Year". 3 recent commitments with no NAV yet ("N/A") have only a commitment; 7 funds have no Net IRR ("N/A"), and for 4 more the chart gives a time-weighted return instead of an IRR, which is left blank. The chart lists all 115 alternative investment vehicles together and does not separate asset classes, so besides private equity and venture funds it includes private credit, real estate, infrastructure and other real assets funds; all are included as listed. 46 funds contracted before 2017 are not required to report under Section 7514.7 and are shown where the manager shared the information voluntarily.
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