Los Angeles City Employees’ Retirement System committed up to $55 million to two private equity funds, according to reports to the board by Portfolio Advisors, the pension fund’s discretionary private equity consultant.
Portfolio Advisors made the commitments under its discretionary mandate with the $13.9 billion pension fund.
LACERS’ committed up to $30 million to Vista Equity Partners Fund VI, a buyout fund with an $8 billion target that is expected to target enterprise software investments in North America. LACERS has committed a total of $105 million to previous Vista Equity Partners funds.
It also committed up to €22 million ($24.5 million) to Astorg VI, buyout fund with a €1.5 billion target managed by Astorg Partners. This is a new relationship.
Separately, LACERS renewed for two years Neuberger Berman’s contract to manage a $649 million core fixed-income portfolio, according to the minutes of the board’s May 24 meeting. Neuberger Berman’s contract was to expire June 30.
At the same board meeting, Chief Investment Officer Rod June reported that private equity firm Leonard Green & Partners, in response to a LACERS request, confirmed in writing that the expenses for Leonard Green executives’ use of a private jet was properly allocated between the firm and the firms’ various funds, the minutes state.
LACERS is an investor in three Leonard Green & Partners funds.