The Los Angeles County Employees’ Retirement Association approved a commitment of up to $25 million to both Primary Venture Partners Fund IV and Primary Select Fund III at the July 13 Board of Investments meeting.
Primary Venture Partners Fund IV is a seed stage venture capital fund that will focus on consumer and business-to-business technology start-ups in North America. Primary Select Fund III will invest in mid to later stage primary investments.
A report from the $73 billion pension fund also disclosed a $30 million co-investment alongside Atlantic Street Capital Partners. Further details of the co-investment were not available.
As of April 2022, private equity represents 17% of the total fund.
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