Los Angeles City Employees’ Retirement System committed a total of up to $50 million to three private equity funds as part of its private equity consultant Portfolio Advisors’ discretionary mandate, the agenda for the $14.9 billion pension fund’s Tuesday meeting shows.
LACERS committed up to $30 million to Platinum Equity Capital Partners IV, a middle-market buyout fund. The fund expects to invest in non-performing companies. Platinum is an existing relationship. LACERS previously committed $25 million to Platinum Equity Capital Partners III.
The pension fund also committed up to $10 million to Bain Capital Double Impact Fund, a lower middle-market buyout strategy. Bain is an existing relationship. LACERS previously committed $15 million to Bain Capital Asia Fund III.
Also, LACERS committed up to $10 million to Incline Equity Partners IV, which will invest in lower middle-market buyouts with enterprise values of $30 million to $150 million. This is a new relationship for LACERS.