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Los Angeles Fire & Police sets $40 million for 2 private equity funds

Los Angeles Fire & Police Pension System officials committed up to $40 million to two private equity funds, according to a report of investment actions taken in closed session by the $18.4 billion pension fund’s board.

Pension fund officials committed up to $25 million on April 7 to StepStone Secondary Opportunities Fund III, which will invest on the secondary market and is managed by StepStone Group. LAFPP has a prior relationship with StepStone.

The board at its June 2 meeting committed up to $15 million to DFJ Growth 2016, focusing on growth-stage companies and managed by Draper, Fisher, Jurvetson. LAFPP has made commitments to prior DFJ funds.