Los Angeles City Employees’ Retirement System board members plan to review the $13.9 billion pension fund’s private equity portfolio, agenda materials for the Aug. 12 board meeting show.
The review will look at its $325 million to $350 million in annual commitments, and might consider increasing the size of fund commitments. Currently, LACERS commits $10 million to $40 million per fund; if the amount increases, the number of private equity firm relationships would decrease, the report notes.
LACERS officials could also consider expanding into new types of investments such as co-investments with existing LACERS private equity managers as well as examine non-core relationships. Further information was unavailable by press time.
Separately, Los Angeles City officials committed up to $15 million to Thoma Bravo Fund XI, a private equity fund investing in software and technology services companies and managed by Thoma Bravo LLC, the agenda materials show.
The commitment was made by Portfolio Advisors, the $13.9 billion pension fund’s private equity consultant. LACERS has made commitments to funds sponsored by predecessor firm Golder Thoma & Co.