Los Angeles Fire & Police Pension System approved three private equity commitments in previous closed session, said a report to the board for its Dec. 16 meeting by Raymond P. Ciranna, general manager.
The $19 billion pension plan committed up to €23 million ($25.3 million) to Gilde Buy-Out Fund V, managed by Gilde Buy Out Partners; up to $15 million to Bain Capital Asia Fund III, which was reduced from $25 million by Bain because the fund was oversubscribed; and up to $5 million to Angeles Equity Partners I.
Separately, the pension fund expects to launch an asset allocation study as early as the first quarter of 2016, said Tom Lopez, chief investment officer, in an e-mail.
The asset allocation study follows the asset liability study that was completed by the pension plan's general investment consultant, RVK, in October.
Also, the pension plan renewed RVK's contract for another three years ended Feb. 28, 2019.