Los Angeles Fire & Police Pension System committed up to $37.5 million to three alternative investment funds, according to a report for the $21.5 billion pension plan board.
Pension fund officials in closed session approved an up to $25 million commitment to private equity fund Siris Partners IV, managed by Siris Capital Group. The pension fund has invested with Siris Capital in the past, including a $5 million commitment to Siris Partners II.
The board also committed up to $7.5 million to Astra Partners I, the first fund of private equity firm Astra Capital Management, which invests in technology and communications companies. Pension fund officials made the commitment in October 2016 but the investment was not closed until Dec. 22, 2017.
Also, the board committed up to $5 million to Mill Point Capital Partners, a middle-market private equity fund. It is Mill Point's first fund.
Separately, the pension fund's private equity consultant, Portfolio Advisors, reported that Clearlake Capital Group had reduced LAFPP's commitment to $20 million from $25 million in Clearlake Capital Partners V. In November, the board had approved an up to $25 million commitment to Clearlake's latest fund.