Los Angeles City Employees Retirement System committed up to $50 million to two private equity funds through the discretionary mandate of private equity consultant Portfolio Advisors, according to board documents.
The $17.06 billion pension fund committed up to $40 million in GTCR Fund XII, a middle-market buyout fund. LACERS has invested in five prior GTCR funds.
LACERS also committed up to $10 million in NMS Fund III, a middle market buyout strategy managed by New MainStream Capital. The relationship is new.
Separately, fund officials were notified that a commitment of up to $15 million to Upfront Ventures VI made in July has been increased to $20 million. Portfolio Advisors had originally recommended a $20 million commitment but the staff inadvertently changed the figure before later determining the proper amount.