Los Angeles City Employees' Retirement System committed a total of up to $55 million to three private equity funds as part of a discretionary mandate with private equity consultant Portfolio Advisors, agenda materials for the $13.9 billion pension fund's Nov. 13 meeting show.
LACERS committed up to $25 million to the Baring Asia Private Equity Fund VI, up to $20 million in Hellman & Friedman Capital Partners VIII and up to $10 million in SG Growth Partners III, managed by Stripes Group.
Baring Asia Private Equity Fund VI is a buyout fund with a $3 billion fundraising target. It is LACERS first commitment to Baring Asia.
Hellman & Friedman is a buyout fund that closed this week with $10.9 billion in commitments. LACERS committed to earlier Hellman & Friedman funds.
SG Growth Partners III is a growth venture capital fund with a $500 million fundraising target. This is LACERS' first investment with Stripes Group.