Los Angeles City Employees' Retirement System (LACERS)
Public pension plan Still adding venture funds
Los Angeles City Employees' Retirement System (LACERS) reports 73 venture funds, $1.3B in all.
Holdings are from its report as of December 31, 2025. “Still adding venture funds”: its newest venture fund is a 2025 vintage, within 3 years of 2025.
The numbers
| Vintage | Venture funds |
|---|---|
| 2010 | 0 |
| 2011 | 2 |
| 2012 | 0 |
| 2013 | 2 |
| 2014 | 2 |
| 2015 | 4 |
| 2016 | 3 |
| 2017 | 5 |
| 2018 | 2 |
| 2019 | 3 |
| 2020 | 7 |
| 2021 | 8 |
| 2022 | 5 |
| 2023 | 2 |
| 2024 | 8 |
| 2025 | 2 |
Updates from Los Angeles City Employees' Retirement System (LACERS)
All of Los Angeles City Employees' Retirement System (LACERS)’s updates on Hottub VC
Largest venture holdings
From its report as of December 31, 2025.
| Fund, as reported | Manager | Vintage | Commitment |
|---|---|---|---|
| TCV XII | TCV | 2022 | $60M |
| General Catalyst Group XI - Endurance LP | General Catalyst | 2021 | $44M |
| New Enterprise Associates 18 | New Enterprise Associates | 2022 | $40M |
| TCV XI | TCV | 2021 | $40M |
| NEA 18 Venture Growth Equity | New Enterprise Associates | 2022 | $35M |
In the app: 68 more venture funds, 5 funds of funds. Open Los Angeles City Employees' Retirement System (LACERS) 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
Selective: it backs fewer of its managers again than three in four LPs that report fund by fund, so each fund is won on its own. It backed 67% of its managers again when they raised a later fund (130 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 |
|---|---|---|---|---|
| September 8, 2026 | 1315 Capital Fund IV Family Access Fund, L.P. | 1315 Capital | $50M | Document |
| September 8, 2026 | Francisco Partners Agility IV, L.P. | — | $5M | Document |
| September 8, 2026 | General Catalyst Group XIII, L.P. | General Catalyst | $45M | Document |
| September 8, 2026 | GC Creation Fund III, L.P. | — | $15M | Document |
| May 26, 2026 | Thrive Capital Partners X, L.P. | Thrive Capital | $2.9M | Document |
| May 26, 2026 | Thrive Capital Partners X Growth, L.P. | Thrive Capital | $17M | Document |
| May 26, 2026 | Mischief 3, L.P. Emerging manager | Mischief Capital Management, LLC | $15M | Document |
| May 26, 2026 | Battery Ventures XV, L.P. | Battery Ventures | $25M | Document |
| May 26, 2026 | Francisco Partners VIII, L.P. | — | $50M | Document |
| May 26, 2026 | Francisco Partners Agility IV, L.P. | — | $20M | Document |
| May 26, 2026 | Spark Capital IX, L.P. | Spark Capital | $15M | Document |
| May 26, 2026 | Spark Capital Growth Fund VI, L.P. | Spark Capital | $35M | Document |
The latest 12 of 31 commitments from the last 24 months to private equity and venture funds, as Los Angeles City Employees' Retirement System (LACERS) 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 California Wellness Foundation
- Johnny Carson Foundation
- Hirji Wigglesworth Family Foundation
- Weingart Foundation
- The Ressler Family Foundation
- Kissick Family Foundation
- The David Geffen Foundation
- The Philip and Muriel Berman Foundation
81 LPs within 100 miles in all: see them on the map.
How to submit
Emerging-manager program: Emerging Investment Manager Program. It considers funds of $75M–$1.2B; up to $30M per fund; First-, second-, and third-time institutional funds (maximum fund size $750 million, $1 billion, and $1.25 billion respectively).
Private-markets consultant: Aksia (source).
In its words: “LACERS' emerging manager policy covers first-, second-, and third-time institutional private equity funds with a minimum fund size of $100 million ($75 million for venture capital), and a LACERS commitment of 10% of projected fund size or $30 million, whichever is lower. Private equity funds are sourced and presented to LACERS staff by its consultant.”
Read from its own pages on October 19, 2026: lacers.org/emerging-manager-resource-library, lacers.org/sites/main/files/file-attachments/summary_of_l…, lacers.org/sites/main/files/file-attachments/contacts_for…. 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, 2025. Source: LACERS Private Equity Portfolio Performance Report. 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.
"Net IRR" and "Net TVPI" as printed in the fund-by-fund appendix of the Private Equity Portfolio Performance Report that LACERS posts semiannually (prepared on its private equity consultant's template; the cover gives www.aksia.com). The report defines TVPI as (cumulative distributions + fair market value) / cumulative contributions and labels IRRs of investments held less than two years "n.m."; 27 funds have no IRR (n.m., or "-" in the report) and 14 have no multiple ("-", mostly commitments with nothing contributed yet), all shown as blank. Dollar amounts are whole US dollars as reported (inception-to-date contributions and distributions). Total value = distributions + fair market value, and DPI = distributions / contributions, are computed. All 408 partnerships in the report are included: 305 active and 103 liquidated (no remaining fair market value), of which 23 are in LACERS' Specialized Portfolio and the rest in its Core Portfolio. LACERS counts 36 Credit/Distressed and 15 Natural Resources (energy) partnerships as private equity in this report, alongside buyout, growth equity, venture capital, secondaries, co-investment and fund-of-funds vehicles; its separate private credit and real estate reports are not imported.
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