LACERA Votes to Decrease Venture Capital Allocation

The Los Angeles County Employees Retirement Association (LACERA) has voted to decrease its allocation range to venture capital, citing market conditions as the main reason behind the change. Investment officer Didier Acevedo stated that the pension wanted to be more flexible and dynamic with its investing. Analysts believe this situation is likely more of a one-off than an early sign of an upcoming trend. While some LPs are viewing the weaker fundraising in the venture asset class as an opportunity to improve their access, others think the LP pullback will be felt as more VC general partners are forced to go into the market this year. Despite this, experts do not expect any significant changes for LP allocation into venture this year.