Los Angeles City Employees' Retirement System committed up to €23 million ($24.4 million) to Europe-focused Gilde Buy-Out Fund V, managed by Gilde Buy Out Partners, the agenda for the $14.3 billion pension fund's Dec. 8 meeting shows.
The fund has a €900 million target for 20 to 40 control-oriented buyout investments in European middle-market companies. Fund investments will range from €30 million to €120 million per investment. At least 85% of the companies will be in Europe. The exit strategies for the investments will include selling the companies to other private equity firms or large companies.
This is a new private equity relationship for LACERS. The commitment was made through a discretionary mandate with LACERS' private equity consultant, Portfolio Advisors.