Los Angeles County Employees Retirement Association committed up to $100 million to Siris Partners III, a buyout fund managed by Siris Capital Group, said David Kushner, chief investment officer for the $47 billion pension fund, in an e-mail.
The fundraising target is $1 billion and will be used for buyouts of mature, revenue-generating technology companies, investing $150 million to $300 million per deal. This is LACERA’s first investment with Siris.
Separately, LACERA staff will closely monitor real estate manager TA Associates Realty in light of the sale of a majority interest to Rockefeller Group International, another real estate manager, a staff memo to the board for its Nov. 19 meeting showed. Michael Ruane, TA Realty founder and managing partner, will retain a significant minority interest in the firm, while the remainder will be spread among some partners and investment professionals. The aim of the transaction is succession planning, so the firm continues to operate for the next generation of employees “in a manner that best serves the interests of our investors and clients.”