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LACERA decreases venture capital allocation range, but experts say it doesn’t signal a trend
While some LPs may look to decrease their exposure to VC slightly, analysts say it's unlikely there will be any big changes this year.
The Los Angeles County Employees Retirement Association (LACERA) voted to decrease its allocation range to venture capital at a March 13 meeting. It’s a somewhat puzzling move, as that subset has been tremendously successful, with a TVPI — a figure representing both realized and unrealized profits of a fund investment — of 2.08x at the end of 2023, the highest of any of the private equity portfolio’s sub strategies. Considering the pension was currently underallocated to its existing range, this move was likely to free up capital for other strategies, as opposed to a play to reduce the size of its actual venture portfolio.
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