Los Angeles Fire & Police Pension System committed $91 million to five private equity funds in closed session, according to a report to the board.
Officials at the $20.2 billion pension fund committed up to $40 million to Silver Lake Partners V. Subsequently, Silver Lake reduced the pension fund's planned commitment to $36 million due to oversubscription. The pension fund's commitment closed on March 31. Silver Lake closed the buyout fund at $15 billion earlier this month. The pension fund has invested with Silver Lake in the past.
Separately, the pension fund committed up to $40 million to EnCap Energy Capital Fund XI, managed by EnCap Investments. The pension fund has invested with EnCap in the past.
Pension fund officials also committed up to $5 million each to Greycroft Growth Fund II, a venture capital fund managed by Greycroft Partners; Argand Partners Fund, a buyout fund; and Centana Growth Partners Fund I, a financial services, financial technology and enterprise technology-focused private equity fund. All are new relationships for the pension fund.