US pension fund Los Angeles City Employees’ Retirement System (LACERS) has committed up to $50 million to funds managed by venture capital firm GGV Capital, according to a document from a recent board meeting.
The pension fund committed up to $40 million to GGV Capital IX, the VC’s latest flagship fund, and up to $10 million to GGV Capital IX Plus, which will make follow-on investments in companies backed by the flagship.