LACERA
Public pension plan Still adding venture funds
LACERA reports 47 venture funds, $1.6B in all.
Holdings are from its report as of March 31, 2026. “Still adding venture funds”: its newest venture fund is a 2026 vintage, within 3 years of 2026.
The numbers
| Vintage | Venture funds |
|---|---|
| 2011 | 1 |
| 2012 | 2 |
| 2013 | 0 |
| 2014 | 3 |
| 2015 | 5 |
| 2016 | 2 |
| 2017 | 5 |
| 2018 | 4 |
| 2019 | 6 |
| 2020 | 1 |
| 2021 | 0 |
| 2022 | 1 |
| 2023 | 3 |
| 2024 | 2 |
| 2025 | 3 |
| 2026 | 1 |
Updates from LACERA
Largest venture holdings
From its report as of March 31, 2026.
| Fund, as reported | Manager | Vintage | Commitment |
|---|---|---|---|
| Insight Partners XIII, L.P. | Insight Partners | 2024 | $200M |
| Dragoneer Opportunities Fund VII, L.P. | Dragoneer Investment Group | 2025 | $150M |
| Canaan XII L.P. | Canaan Partners | 2020 | $100M |
| Dragoneer Select Opportunities Fund, L.P. | Dragoneer Investment Group | 2026 | $100M |
| Institutional Venture Partners XV, L.P. | IVP | 2015 | $90M |
In the app: 42 more venture funds, 1 fund of funds. Open LACERA 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 71% of its managers again when they raised a later fund (63 chances), and stays with a manager 5.7 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 | Commitment | Source |
|---|---|---|---|---|
| July 8, 2026 | Kingswood Capital Opportunities Fund IV | — | $220M | Document |
| July 8, 2026 | Kingswood Capital Opportunities Small Cap Fund I | — | $100M | Document |
| June 10, 2026 | Court Square Capital V, L.P. | — | $200M | Document |
| June 10, 2026 | Triton Fund 6 SCSp | — | — | Document |
| May 13, 2026 | Dragoneer Select Opportunities Fund, L.P. | Dragoneer Investment Group | $100M | Document |
| April 8, 2026 | Bregal Sagemount V, L.P. | — | $190M | Document |
| March 11, 2026 | AE Industrial Partners IV, L.P. | — | $350M | Document |
| February 11, 2026 | Green Equity Investors X, L.P. | — | $400M | Document |
| February 11, 2026 | Regal Healthcare Capital Partners IV, L.P. | — | $150M | Document |
| February 11, 2026 | Otro Capital Fund I, L.P. | — | $100M | Document |
| January 14, 2026 | Dragoneer Opportunities Fund VII, L.P. | Dragoneer Investment Group | $150M | Document |
| October 8, 2025 | Advent International GPE XI SCSp | — | $400M | Document |
The latest 12 of 23 commitments from the last 24 months to private equity and venture funds, as LACERA published them. Dates are the day the plan gives. Amounts are commitments as the plan reports them. 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.
- The Green Foundation
- Unihealth Foundation
- WWW Foundation
- The Confidence Foundation
- The Mericos Foundation
- Ann Peppers Foundation
- The Norton Simon Foundation
- GK Grout Foundation
82 LPs within 100 miles in all: see them on the map.
How to submit
Emerging-manager program: Private Equity Emerging Manager Program. It considers First, second, or third institutional fund.
In its words: “LACERA invests with private equity emerging managers through discretionary separate accounts run by fund-of-funds managers; its 2021 search defined emerging managers as first, second, or third institutional funds of $300 million to $1 billion for buyout and growth equity and $100 million to $400 million for venture capital. LACERA posts investment requests for proposal, each with its own submission directions, on its Business Opportunities page.”
Read from its own pages on October 19, 2026: lacera.gov/sites/default/files/assets/documents/rfps/RFP…, lacera.gov/who-we-are/business-opportunities. 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 March 31, 2026. Source: LACERA Private Markets Holding Report (Private Equity). 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.
"ITD IRR" (inception to date) and "Investment Multiple" as printed by LACERA, which does not label the IRR net or gross and does not say in the report how or by whom it is calculated or when it is not meaningful, so IRRs of very young funds are shown as printed. The Investment Multiple equals (distributions + market value) / contributions and is used as TVPI; total value = distributions + market value and DPI = distributions / contributions are computed. Dollar amounts are rounded to whole dollars. Only holdings LACERA classes as Private Equity are included (not its real estate, hedge fund, illiquid credit or real assets holdings). 9 commitments with nothing contributed yet have no market value, multiple or IRR, and 3 new commitments are listed without any amounts.
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