Los Angeles City Employees' Retirement System approved a 2011 strategic plan for its $1 billion private equity portfolio that would target $250 million in commitments, according to Linda Aparicio, public information director.
Hamilton Lane, private equity consultant for the $10.7 billion system, expects to recommend between six and 10 partnerships in the system's core portfolio with investment sizes ranging between $10 million and $35 million, up from an average of $17 million in the core portfolio over the past five years, according to a report to the system's board.
The plan calls for committing more capital with existing managers that have strong investment returns.
Separately, the system committed $15 million each to real estate funds Lone Star Fund VII and Lone Star Real Estate Fund II, Ms. Aparicio stated in an e-mail.
Also, CB Richard Ellis Investors was hired to manage a real estate separate account with a mandate to buy office property for a new headquarters for the system.