Los Angeles Fire & Police Pension System committed $10 million each to Clearlake Capital Partners II and Element Partners II, said Michael Perez, executive director for the $14.3 billion system.
Clearlake Capital Group is targeting a $500 million distressed debt fund that will invest in the U.S. and Canada. The current fund is essentially a first-time fund since Clearlakes first fund had a single investor, Reservoir Capital, a private equity firm that invests in startup alternative investment firms.
Element Partners is targeting a $500 million clean-tech venture capital fund.
Private equity consultant StepStone Group assisted.