Los Angeles Fire & Police Pension System committed $25 million each to buyout funds ABRY Partners VII and American Securities Partners VI in the second quarter, according to a memorandum to the board of the $14.6 billion system.
ABRY is seeking to raise $1.6 billion in its seventh fund to make equity and equity-related investments in media, communications and business services companies. The system invested in two prior ABRY funds.
American Securities is raising its sixth private equity fund to invest $100 million to $500 million in mainly U.S. companies with annual revenues of between $100 million and $1 billion. The retirement system also invested in an earlier American Securities fund.
For the first half of 2011, the system has committed 57% of the $275 million in planned commitments for the year.
Separately, the board at its July 21 meeting adopted a social investing policy, stated Michael Perez, the system’s general manager, in an e-mailed response to inquiries.
Under the policy, investment managers of new private equity and active stock and bond portfolios will be required to consider sustainability as an investment factor in their analysis. System officials will include this in future active stock and bond investment guidelines and the private equity investment policy. The system defines sustainable investing as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”