US pension fund LACERS has agreed to commit up to $10m to SG Growth Partners IV, the latest fund being raised by Stripes Group.
The investment was recommended to the LP by Portfolio Advisors according to a report to the LP’s board of administration.
SG Growth Partners IV has a hard cap of $750m will make investments into 15 to 18 companies with transaction sizes between $10m and $150m.
The Los Angeles City Employees Retirement System has previous relations with Stripes, with it committing $10m to the firm’s $500m predecessor fund.
So far the previous fund has earned a net internal rate of return of 11.40 per cent and an exit multiple of 1.09 times, the report says.
Last year the firm led a INR5.5bn ($81.6m) financing round in online movie and event ticketing platform BookMyShow.
Late last year Lacers made a $15m investment in Spark Capital Growth Fund II, which was $6m more than its investment in the firm’s debut fund.
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