Searches and Hires

Los Angeles Fire & Police earmarks $200 million for 6 funds

Los Angeles Fire & Police Pension System committed up to $201 million to six alternative investment funds, according to a report of closed session actions taken by the $22.4 billion pension plan board.

The board committed up to $50 million each to two real estate funds — Almanac Realty Securities VIII, managed by Almanac Realty Investors, and Heitman Asia-Pacific Property Investors, a value-added Asia-Pacific real estate fund. The pension fund has invested with both managers in the past.

Pension fund officials also committed up to $40 million to buyout fund Thoma Bravo Fund XIII. Los Angeles Fire & Police has invested with Thoma Bravo in the past, including a $30 million commitment to the firm's last flagship fund, Thoma Bravo Fund XII.

The pension fund also committed up to $35 million to Unico Core Plus Partners, managed by Unico Investment Group. Unico is an existing relationship. The pension fund had committed to Unico Partners I previously.

Also, the board committed up to $20 million to Platinum Equity Small Cap Fund, but the private equity manager reduced LAFPP's commitment to $18.5 million because the fund was oversubscribed. Pension fund officials also committed $7.5 million to Reach II, an early-stage venture capital fund managed by Reach Capital.

The pension plan has a 12% target allocation to private equity and a 10% target allocation to real estate.