Hirings

L.A. Fire & Police commits $53 million to private equity

Los Angeles Fire & Police Pension System made commitments to two private equity funds, according to a report for the $20.6 billion pension plan's July 20 board meeting.

The board originally committed up to €37.5 million ( $43.8 million) to CVC Capital Partners VII, a European buyout fund, but CVC Capital Partners reduced LAFPP's commitment to €23.8 million because the fund was oversubscribed, the report stated. The pension plan has invested with CVC Capital Partners in the past including a commitment to CVC Capital Partners Asia Pacific IV.

The board also committed $25 million to private equity fund Palladium Equity Partners V. The pension fund has invested with the manager in the past, including a commitment to Palladium Equity Partners IV.