Los Angeles City Employees Retirement System committed $20 million each to private equity funds Advent International GPE VI and Yucaipa American Alliance Fund II, according to documents on the $11.1 billion systems website. Advent VI is targeted as a €5 billion ($7.71 billion) buyout fund that would invest 75% of its commitments in Europe and 25% in the U.S. Yucaipa American II has a $2 billion target, investing in buyouts of U.S.-based companies. Hamilton Lane, the systems traditional alternative investment consultant, made the commitments under the systems discretionary private equity program.
Separately, the board is scheduled to consider at its meeting tomorrow whether to place Northern Trust, the systems global custodian bank, on one-year probation and with possible termination over service-related problems. According to board agenda materials, Northern Trust in February sent out 1,500 retirement checks without postage. Previously, Northern Trust had three other missteps in payroll, including resending the April 2007 direct deposit statements for the May 2007 retirement payroll, according to the materials.