Institutional allocatorsAllocation
LACERS discloses seven commitments worth $315 million
LACERS reported seven commitments, led by $100 million to Audax Direct Lending Solutions Fund III-A, L.P.
Board materials dated September 8, 2026 report 7 commitments Los Angeles City Employees' Retirement System has made: Audax Direct Lending Solutions Fund III-A, L.P. ($100 million), Blue Owl Real Estate Fund VII LP ($50 million), Kayne Anderson Real Estate Partners VII, L.P. ($50 million), 1315 Capital Fund IV Family Access Fund, L.P. ($50 million), General Catalyst Group XIII, L.P. ($45 million), GC Creation Fund III, L.P. (General Catalyst) ($15 million), and 1 more, according to the plan's published board materials; DFX's records do not carry the dates they were made.
The stated amounts total $315 million.
DFX calculationDFX holds no earlier record of these commitments for Los Angeles City Employees' Retirement System, and these materials record no board vote on them, so they are reported as first disclosed in these materials. DFX compared these lines with the plan's commitments in its records since April 15, 2026, so an earlier board decision is possible.
Filled dots have a DFX profile. Select a party to see its connections and open its profile, or a line for what it rests on.
Source: the parties and roles DFX recorded for this story, from the documents it cites. Solid lines are documented, lighter lines calculated by DFX, dashed lines inferred by DFX.
| From | Connection | To | Basis | As of |
|---|---|---|---|---|
| Los Angeles City Employees' Retirement System (Allocator) | approves | Audax Direct Lending Solutions Fund III-A, L.P. (Audax Private Debt) (Manager) | Documented in filings | |
| Los Angeles City Employees' Retirement System (Allocator) | approves | Blue Owl Real Estate Fund VII LP (Blue Owl Real Estate GP VII LLC) (Manager) | Documented in filings | |
| Los Angeles City Employees' Retirement System (Allocator) | approves | Kayne Anderson Real Estate Partners VII, L.P. (Manager) | Documented in filings | |
| Los Angeles City Employees' Retirement System (Allocator) | approves | 1315 Capital Fund IV Family Access Fund, L.P. (1315 Capital, LLC) (Manager) | Documented in filings | |
| Los Angeles City Employees' Retirement System (Allocator) | approves | General Catalyst Group XIII, L.P. (Manager) | Documented in filings | |
| Los Angeles City Employees' Retirement System (Allocator) | approves | GC Creation Fund III, L.P. (General Catalyst) (Manager) | Documented in filings | |
| Los Angeles City Employees' Retirement System (Allocator) | approves | Francisco Partners Agility IV, L.P. (Francisco Partners Management, L.P.) (Manager) | Documented in filings |
Across the pension commitment records DFX holds, one other plan committed to funds managed by General Catalyst in the past 12 months, $200 million where amounts are stated: New York State Common Retirement Fund.
Over the past 12 months DFX has read 28 other commitments by Los Angeles City Employees' Retirement System, $1.4 billion where amounts are stated.
Kayne Anderson Real Estate Partners VII, L.P. also won approval from two other public plans in DFX's records over the past 12 months: NYC Employees Retirement System and NYC Teachers Retirement System.
General Catalyst Group XIII, L.P. also won approval from one other public plan in DFX's records over the past 12 months: MainePERS.
DFX inferenceApprovals of Kayne Anderson Real Estate Partners VII, L.P. by several public plans within 12 months are consistent with an active raise that other plans and their consultants are also evaluating.
- Audax Direct Lending Solutions Fund III-A, L.P.$100M
- Blue Owl Real Estate Fund VII LP$50M
- Kayne Anderson Real Estate Partners VII, L.P.$50M
- 1315 Capital Fund IV Family Access Fund, L.P.$50M
- General Catalyst Group XIII, L.P.$45M
- GC Creation Fund III, L.P. (General Catalyst)$15M
- Francisco Partners Agility IV, L.P.$5M
| Fund or account | Stated amount | Status |
|---|---|---|
| Audax Direct Lending Solutions Fund III-A, L.P. | $100M | first disclosed |
| Blue Owl Real Estate Fund VII LP | $50M | first disclosed |
| Kayne Anderson Real Estate Partners VII, L.P. | $50M | first disclosed |
| 1315 Capital Fund IV Family Access Fund, L.P. | $50M | first disclosed |
| General Catalyst Group XIII, L.P. | $45M | first disclosed |
| GC Creation Fund III, L.P. (General Catalyst) | $15M | first disclosed |
| Francisco Partners Agility IV, L.P. | $5M | first disclosed |
Source: LACERS board materials, read by DFX. Period: Sep 8, 2026. One row per line in the materials. First disclosed: reported as committed, with no earlier record in DFX's commitment records.
Not summarized from the board materials: fees and terms.
Sources (3)
- LACERS board materials, September 8, 2026Cited by 4 claims
- New York State Common Retirement Fund commitment recordJune 30, 2026 · Cited by 1 claim
- DFX records: Public plan board materials and minutesCited by 6 claims
Los Angeles City Employees' Retirement System in DFX's commitment records
- Commitments DFX has recorded for the plan
- 500+
- Stated amounts of the 500 read, added together
- $9.2B
- Fund vintages they span
- 1995 to 2025
- Private equity 65%, $6B across 387
- Venture 17%, $1.5B across 72
- Private credit 13%, $1.1B across 26
- Real estate 2%, $175M across 3
- Natural resources 2%, $150M across 4
- General Catalyst Group XIII, L.P.16 other commitments to the same manager in DFX's records, vintages 2020, 2021, 2023, 2024
- 1315 Capital Fund IV Family Access Fund, L.P. (1315 Capital, LLC)6 other commitments to the same manager in DFX's records, vintages 2015, 2018, 2022
- Francisco Partners Agility IV, L.P. (Francisco Partners Management, L.P.)6 other commitments to the same manager in DFX's records, vintages 2022, 2023
- Blue Owl Real Estate Fund VII LP (Blue Owl Real Estate GP VII LLC)2 other commitments to the same manager in DFX's records, vintage 2013
DFX allocator records, from the plan's board materials and annual reports. A commitment is a promise to a fund, not money moved; stated amounts are added only to show the mix. Managers are matched by name.
Read next
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49 votes, each counted once, read from the boards' own materials.
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It is the pension's third disclosed decision with AE Industrial Partners since 2022, each made by the chief investment officer and reported to the board as information only, and its second $75 million co-investment reported in two months.
- Institutional allocatorsMainePERS approves up to $500 million for Ares, double its largest credit ticket of the past year
Alternative credit sits at 7.9% of the $23.1 billion fund against a 15% target. If fully drawn, the Ares commitment voted on September 10 would cover about 30% of that gap, before calls on commitments the plan has already made.
Go further
- Examine Los Angeles City Employees' Retirement System's commitmentsIts record in the Data Factory
- More stories naming Los Angeles City Employees' Retirement SystemEvery DFX story whose headline names it, newest first
- New filings, deals and stories about it, in your digest
- Find a way inWho in your network can introduce you to Los Angeles City Employees' Retirement System
- See it on the capital mapPlaced in California, at the plan's office
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