Los Angeles Fire & Police Pension System committed up to $102.1 million to private equity funds, said a report of investment actions taken in closed session by the $18.4 billion pension fund’s board.
Pension fund officials committed up to $40 million to Vista Equity Partners Fund VI, a buyout fund, and up to $11.2 million to Vista Foundation Fund III, a buyout fund investing in small-cap companies. The pension fund originally committed up to $15 million to the Vista Foundation Fund III but private equity manager Vista Equity Partners reduced LAFPP’s commitment due to oversubscription, the report noted. Los Angeles Fire & Police has committed to previous Vista Equity Partners funds.
LAFPP also committed up to $25 million to Lightyear Fund IV. The fund is expected to invest in middle-market financial services companies. It is the pension fund’s first commitment to a Lightyear Capital fund.
Pension officials also committed up to €23 million ($25.9 million) to buyout fund Astorg VI managed by Astorg Partners, a new relationship.