Los Angeles Fire & Police Pension Systems board approved committing $12 million to Insight Equity II and $4 million to Insight Equity Mezzanine I, following the recommendations of its private equity consultant, StepStone Group, said Michael Perez, general manager of the $11 billion system.
The systems board also committed $5 million to venture capital fund DCM VI.
Separately, the system board hired Simpson & Simpson as the external financial auditor for three years ending June 30, 2011.
Also, Mr. Perez said he plans to go to the board with a comprehensive report concerning a possible placement agent policy on July 9. The report follows the boards termination last month of private equity consultant Aldus Equity Partners, which was charged in connection with a pay-to-play investigation involving investments in the New York State Common Retirement Fund, Albany.