Los Angeles City Employees' Retirement System committed up to $25 million to middle-market private equity fund High Road Capital Partners Fund II, according to materials on $11.9 billion LACERS' website.
High Road's second fund has a $300 million fundraising target. High Road fund executives expect to invest in small- to middle-market North American companies with enterprise values between $15 million and $75 million, and revenues between $10 million and $100 million. They plan to invest $6 million to $30 million per investment over five years. It could not be ascertained by press time whether LACERS invested in High Road's first fund.
Separately, the board selected Hamilton Lane Advisors and Portfolio Advisors as the finalists in a private equity consultant search, according to the minutes to the Aug. 27 board meeting.
The board also extended Thomson Horstmann & Bryant's one-year contract to manage a $262 million active U.S. equity small-cap core equity portfolio until Sept. 30, 2014.