Orange County Employees Retirement System (OCERS)
Public pension plan Still adding venture funds
Orange County Employees Retirement System (OCERS) reports 44 venture funds, $779M 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 |
|---|---|
| 2019 | 4 |
| 2020 | 6 |
| 2021 | 9 |
| 2022 | 4 |
| 2023 | 3 |
| 2024 | 8 |
| 2025 | 10 |
Updates from Orange County Employees Retirement System (OCERS)
All of Orange County Employees Retirement System (OCERS)’s updates on Hottub VC
Largest venture holdings
From its report as of December 31, 2025.
| Fund, as reported | Manager | Vintage | Commitment |
|---|---|---|---|
| Insight Partners XIII | Insight Partners | 2024 | $35M |
| Spark Capital Growth Fund III | Spark Capital | 2020 | $33M |
| Spark Capital Growth Fund IV | Spark Capital | 2021 | $33M |
| Spark Capital Growth Fund V | Spark Capital | 2024 | $33M |
| DBL Partners TIAB 2018 | DBL Partners | 2019 | $30M |
In the app: 39 more venture funds, 41 funds of funds. Open Orange County Employees Retirement System (OCERS) 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 82% of its managers again when they raised a later fund (56 chances), and stays with a manager 4.4 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.
LPs nearby
Within 100 miles, by city: a trip to one can take in the others.
- Sun Family Foundation
- Argyros Family Foundation
- Teach a Man to Fish Foundation
- William S & Nancy E Thompson Foundation
- Tsao Family Foundation
- The H Russell Smith Foundation
- Tarsadia Foundation
- Josephine Herbert Gleis Foundation
84 LPs within 100 miles in all: see them on the map.
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: OCERS Private Equity Portfolio Summary. 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 "TVPI" as printed in the "Portfolio Summary by Status" of the quarterly OCERS - Private Equity Portfolio Report that OCERS posts on its website (the report's legend names Aksia LLC as its source). The report gives every amount in $ millions to one decimal; they are converted to whole dollars here, so each is rounded to the nearest $100,000: Total Commitment, Contributions and Distributions. Total value = Distributions + NAV is computed; DPI is left blank because amounts rounded to $0.1 million do not give a reliable ratio for small funds. Vintage is the report's "Vintage Year". The report marks the IRR of investments held less than 24 months "n.m." (not meaningful); 64 funds have no IRR (n.m., or "-" for commitments with nothing contributed yet) and 17 have no TVPI, all shown as blank. 12 funds' values are marked by the report as adjusted for contributions and distributions since the last valuation, which is before the report date. All 237 funds in the report are included: 211 active and 26 liquidated (no remaining NAV), adding up to the report's printed totals of $6.90 billion committed, $5.09 billion contributed and $5.39 billion NAV. OCERS's private equity portfolio as it reports it includes funds of funds, secondaries, co-investments and a few private credit funds; its separate Real Assets and Real Estate summaries are not imported.
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