Los Angeles County Employees Retirement Association

Institutional investor

Pasadena

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Investment thesis

LACERA (Los Angeles County Employees Retirement Association) is an independent governmental entity that administers and manages the retirement fund for the County of Los Angeles and outside districts. It is the largest county retirement system in the United States.

Invests inPasadenaUnited States

Source: firm website, verified Aug 7, 2026.

Pasadena, CA, US

Founded

1938

Tracked investments

What they invest in

from 1 of 1 portfolio companies

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Investments · 1 tracked

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LACERA (Los Angeles County Employees Retirement Association) is a public retirement system that administers pension and benefits for Los Angeles County employees.

GovTechLos Angeles, US

Fund commitments · as a limited partner · 265

as of Sep 2025

Private-fund positions this organization discloses in its own public filings and reports — $24.2B committed, $14.8B reported NAV. Returns are this LP's own position, net of fees.

Fund	Manager	Vintage	Committed	NAV	Net IRR	TVPI	DPI
Lake Ontario Fund, L.P.	Onex	2024	$775M	$425M	6.6%	1.04x	0.00x
Lake Navy Fund, LP	Napier Park European	2020	$750M	$1.2B	12.5%	1.69x	0.09x
CBRE U.S. Core Partners, LP	CBRE	2023	$600M	$584.5M	-2.6%	0.97x	0.03x
Clarion Lion Properties Fund, L.P.	Clarion Partners	2023	$593.9M	$589.5M	-0.5%	0.99x	0.00x
Lake Signal Fund, L.P.	Siguler Guff Secondary	2024	$500M	$247M	10.5%	1.06x	0.04x
Clearlake Capital Partners VIII	Clearlake Capital Group	2023	$400M	$22.4M	-24.0%	0.80x	0.00x
MS GTB Capital Partners II LP	MS GTB	2014	$400M	$9.8M	9.8%	1.58x	0.81x
Blackstone Real Estate Partners X L.P.	The Blackstone Group	2022	$300M	$127.7M	7.8%	1.09x	0.09x
Brookfield Strategic Real Estate Partners IV	Brookfield Asset Management	2022	$300M	$246.7M	5.0%	1.10x	0.12x
Gateway Private Equity Fund	Gateway	2010	$300M	$104.6M	11.9%	1.86x	1.52x
Gateway Private Equity Fund-B, LP	Gateway	2015	$300M	$375.8M	21.1%	2.68x	1.41x
CVC Capital Partners IX L.P.	CVC Capital Partners	2023	$293.7M	$42.5M	17.4%	1.15x	0.02x
Centerbridge Capital Partners V, L.P.	Centerbridge Partners, L.P.	2023	$250M	$54M	7.6%	1.08x	0.00x
CVC Capital Partners VII, LP	CVC Capital Partners	2017	$235M	$287.3M	20.1%	2.05x	0.92x
Core Property Index Fund	Investors Diversified Realty	2019	$230M	$229.2M	2.2%	1.06x	0.07x
CVC Capital Partners VIII	CVC Capital Partners	2021	$216M	$31.3M	6.4%	1.14x	0.01x
Clearlake Capital Partners VII	Clearlake Capital Group	2021	$200M	$48.4M	5.1%	1.12x	0.00x
Insight Partners Fund XIII	Insight Partners	2024	$200M	$22.7M	0.6%	1.00x	0.00x
Silver Lake Partners VI LP	Silver	2021	$200M	$33.2M	8.1%	1.22x	0.16x
Silver Lake Partners VII, L.P.	Silver Lake Partners	2024	$200M	$74.3M	20.2%	1.18x	0.00x
Vista Equity Partners Fund V	Vista Equity Partners	2014	$200M	$79.3M	16.6%	1.98x	1.38x
Vista Equity Partners Fund VI	Vista Equity Partners	2016	$200M	$93.8M	16.1%	1.82x	1.19x
Vista Equity Partners Fund VII L.P.	Vista Equity Partners	2018	$200M	$224M	4.6%	1.21x	0.10x
AG Europe Realty Fund IV, L.P.	Angelo Gordon	2024	$180M	$11.2M	-13.7%	0.86x	0.00x
Blackstone Capital Partners VII LP	The Blackstone Group	2016	$180M	$51.4M	12.4%	1.60x	0.90x
Silver Lake Partners V LP	Silver	2018	$180M	$84.2M	11.9%	1.57x	0.63x
Triton Fund V, L.P.	TRITON FUNDS LLC	2018	$176.2M	$182.6M	17.5%	1.84x	0.56x
PSC V (A), L.P.	Pollen Street Capital	2025	$161.6M	$63.6M	7.8%	1.09x	0.00x
Clearlake Capital Partners VI	Clearlake Capital Group	2020	$160M	$228.3M	11.3%	1.52x	0.15x
Accel-KKR Capital Partners VII, L.P.	Accel-KKR	2023	$150M	$5.7M	-83.9%	0.49x	0.00x
Alpine Investors IX	Alpine Investors	2023	$150M	$48.4M	11.2%	1.08x	0.00x
Atlantic Street Capital V, L.P.	Atlantic Street	2021	$150M	$18.7M	-0.7%	0.69x	0.00x
Bain Capital Real Estate Fund III	Bain Capital Real Estate	2023	$150M	$45.7M	-5.4%	0.93x	0.00x
Carlyle Partners VI, L.P.	Carlyle Group	2013	$150M	$31.8M	13.3%	1.69x	1.52x
CBRE Asia Value Partners 7 SCSp	CBRE	2025	$150M	$3.7M	-4.0%	0.96x	0.00x
Centerbridge Capital IV, L.P.	Centerbridge Partners, L.P.	2020	$150M	$182M	14.8%	1.37x	0.28x
CityView Western Fund I, L.P.	Cityview	2016	$150M	$89.9M	-7.8%	0.67x	0.11x
Green Equity Investors IX, L.P.	Green	2023	$150M	$87.3M	15.8%	1.10x	0.03x
Green Equity Investors VII	Green	2017	$150M	$99.4M	18.8%	1.94x	1.38x
Green Equity Investors VIII, L.P.	Green	2020	$150M	$86.4M	11.8%	1.45x	0.14x
Hellman & Friedman Capital Partners X, L.P.	Hellman & Friedman	2021	$150M	$154.5M	5.4%	1.14x	0.15x
Kingswood Capital Opportunities III	Kingswood	2024	$150M	$24.5M	43.4%	1.18x	0.34x
Lightyear Fund IV, L.P.	Lightyear	2016	$150M	$112.3M	19.0%	2.10x	1.49x
Lightyear Fund VI, L.P	Lightyear	2024	$150M	—	—	—	—
MBK Partners Fund V, L.P.	MBK Partners	2019	$150M	$163.8M	9.5%	1.26x	0.03x
Mill Point Capital Partners III, L.P.	Mill Point Capital	2024	$150M	$8.6M	-28.3%	0.72x	0.00x
One Rock Capital Partners Fund III, LP	One Rock Capital Partners	2020	$150M	$145.4M	27.4%	1.92x	0.91x
Onex Partners IV, L.P.	Onex Corporation	2014	$150M	$54.4M	6.9%	1.40x	1.07x
RedBird Series 2019, LP	RedBird Capital Partners	2019	$150M	$98.7M	14.0%	1.49x	0.56x
STG VII, L.P.	Stg	2023	$150M	$33.1M	-13.8%	0.88x	0.00x
Thoma Bravo Fund XVI	Thoma Bravo	2024	$150M	—	—	—	—
CityView Bay Area Fund II	Cityview	2012	$134.1M	$9.3M	3.4%	1.12x	1.06x
Advent International GPE X	Advent International	2022	$130M	$78.3M	10.9%	1.16x	0.00x
PSC Accelerator II	Pollen Street Capital	2023	$129.2M	$147.3M	33.4%	1.53x	0.03x
Australis Partners Fund, L.P.	Australis Partners	2016	$125M	$27.9M	7.2%	1.38x	0.45x
Juggernaut Capital Partners IV, L.P.	Juggernaut Capital	2018	$125M	$189.5M	14.2%	1.72x	0.18x
RREEF Core Plus Industrial Fund L.P.	Rreef	2017	$125M	$275.6M	13.2%	2.53x	0.37x
Sterling Investment Partners IV, L.P.	Sterling Investment	2020	$125M	$13.5M	42.1%	1.65x	0.35x
Webster Equity Partners V, L.P.	Webster Equity Partners	2021	$125M	—	—	—	—
MBK Partners Fund IV, L.P.	MBK Partners	2017	$120M	$138.5M	9.3%	1.56x	0.43x
SEP Diamond Fund, L.P.	SEP Diamond	2024	$120M	$26.3M	16.8%	1.17x	0.00x
Montefiore Investment VI S.L.P.	Monteflore Investment	2023	$117.5M	$15.6M	-5.1%	0.95x	0.00x
Prologis European Logistics Fund (PELF)	Prologis	2014	$117.5M	$195.5M	8.1%	1.46x	0.78x
Wynnchurch Capital Partners VI, L.P.	Wynnchurch	2023	$115M	$32.1M	14.6%	1.10x	0.00x
Accel - KKR Capital Partners VI, LP	Accel-KKR	2019	$110M	$109.9M	5.5%	1.15x	0.13x
TA XIV, L.P.	TA Associates	2021	$110M	$112.2M	7.2%	1.19x	0.18x
TPG Real Estate Partners IV	TPG	2022	$110M	$49.3M	4.0%	1.05x	0.01x
CVC Capital Partners VI, L.P.	CVC Capital Partners	2014	$108M	$86.9M	15.5%	1.82x	1.29x
Lightyear Fund III, L.P.	Lightyear	2011	$105M	$8.8M	24.7%	2.13x	2.06x
Silver Lake Partners IV LP	Silver	2013	$105M	$22.9M	20.8%	2.43x	1.60x
Accel-KKR Capital Partners CV IV LP	Accel-KKR	2022	$101.3M	$72.9M	10.4%	1.29x	0.45x
Innovation Alpha V L.P.	Integral	2024	$100.2M	$12.5M	-13.8%	0.91x	0.00x
Advent International GPE IX	Advent International	2019	$100M	$21.1M	13.7%	1.55x	0.30x
AE Industrial Partners Fund II, L.P.	AE Industrial Partners	2018	$100M	$24.9M	22.9%	1.85x	0.76x
AE Industrial Partners Fund III, L.P.	AE Industrial Partners	2023	$100M	$60.9M	27.5%	1.43x	0.00x
AG Asia Realty Fund IV	Angelo Gordon	2019	$100M	$35.9M	9.7%	1.31x	0.92x
Bain Capital RE Fund II A	Bain Capital	2021	$100M	$70.2M	-0.8%	0.98x	0.09x
Bain Capital Real Estate Fund I	Bain Capital Real Estate	2019	$100M	$78.3M	10.5%	1.32x	0.54x
BDCM Opportunity Fund IV	Black Diamond Capital Management	2015	$100M	$54.5M	15.5%	2.00x	0.95x
Blue Sage Capital IV, L.P.	Blue Sage Capital	2024	$100M	$7.7M	-15.6%	0.84x	0.00x
Canaan XII L.P.	Canaan Partners	2020	$100M	$102.9M	3.4%	1.10x	0.00x
CB Martello Feeder II, L.P.	CB Martello Feeder	2024	$100M	$37.4M	7.4%	1.07x	0.00x
Clearlake Capital Partners V, L.P.	Clearlake Capital Group	2017	$100M	$94M	33.0%	1.92x	1.36x
Great Hill Equity Partners VIII, L.P.	Great Hill Partners	2022	$100M	$43.2M	-8.4%	0.91x	0.00x
Insignia Capital Partners (Parallel A)	Insignia Capital Group	2013	$100M	$71.9M	24.8%	2.60x	2.05x
Invesco Real Estate Asia Fund	Invesco	2014	$100M	$127.2M	3.5%	1.33x	0.41x
Juggernaut Capital Partners III, LP	Juggernaut Capital	2015	$100M	$75.1M	13.1%	1.86x	1.20x
Lightyear Fund V, L.P.	Lightyear	2021	$100M	$127.2M	15.9%	1.49x	0.26x
MBK Partners Fund III, L.P.	MBK Partners	2013	$100M	$3.9M	10.0%	1.56x	1.53x
Oaktree Opportunities Fund IX	Oaktree	2012	$100M	$59.9M	8.0%	1.84x	1.24x
Palladium Equity Partners IV, L.P.	Palladium	2014	$100M	—	—	—	0.86x
Phoenix Credit Partners Fund, LP	Phoenix	2023	$100M	$96.5M	5.5%	1.06x	0.00x
Revelstoke Capital Partners III, L.P	Revelstoke Capital Partners	2021	$100M	$79.9M	10.0%	1.16x	0.13x
Riverside Capital Appreciation Fund VI LP	The Riverside Company	2013	$100M	$30.2M	10.9%	1.46x	1.21x
Siris Partners IV LP	Siris	2019	$100M	$10.4M	8.5%	1.32x	0.35x
Starwood Capital Hospitality Fund II	Starwood Capital Group	2010	$100M	$3.2M	9.6%	1.63x	1.60x
Sterling Investment Partners III, L.P.	Sterling Group	2013	$100M	$37.4M	19.9%	1.97x	1.63x
Summit Partners Growth Equity Fund XI, L.P.	Summit Partners	2021	$100M	$53M	1.7%	1.03x	0.01x
The Veritas Capital Fund VIII, L.P.	Veritas Capital	2022	$100M	$103.8M	9.7%	1.21x	0.00x
The Veritas Capital Vantage Fund, L.P.	Veritas Capital	—	$100M	$70.6M	8.0%	1.22x	0.00x

Largest 100 of 265 disclosed positions. Source: the organization's public disclosures. TVPI = total value / paid-in; DPI = distributions / paid-in.

Frequently asked questions

Where is Los Angeles County Employees Retirement Association located?: Los Angeles County Employees Retirement Association is headquartered in Pasadena, US.