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LACERS slates $65 million for energy, private equity funds

Los Angeles City Employees’ Retirement System committed up to $65 million to two private equity funds, according to notice for the board’s April 11 meeting from Portfolio Advisors, LACERS’ private equity consultant.

The $15.3 billion pension plan committed up to $40 million to EnCap Energy Capital Fund XI, an energy fund managed by EnCap Investments. The fund is expected to invest growth capital to management teams with a track record of operating upstream oil and gas companies in North America. LACERS has made commitments to previous Encap Investments funds: $15 million to EnCap Energy Capital Fund VIII, $30 million to EnCap Energy Capital Fund IX and $35 million to EnCap Energy Capital Fund X.

Also, LACERS committed up to $25 million to Brentwood Associates Private Equity VI, a buyout fund managed by Brentwood Private Equity. The fund would invest in consumer-focused businesses that have strong brands, customer loyalty and growth potential. LACERS has not invested with Brentwood in the past.