Posted 3/18/2024, 11:16:40 PM
LACERA Slightly Lowers Venture Allocation Range Amid Market Conditions, But LPs Still Bullish on Venture
- LACERA decreased its venture capital allocation range from 15-30% to 5-25% of its private equity portfolio, citing market conditions
- LACERA's venture portfolio has been very successful, with a TVPI of 2.08x and 5 all-time best performing venture funds
- Analysts say this is likely a one-off move rather than a sign of decreasing LP interest in venture
- LPs are still interested in venture and see this as a buying opportunity, though they may write smaller checks
- LPs will likely focus on existing manager relationships rather than adding many new ones this year