Los Angeles City Employees' Retirement System committed a total of up to $70 million to four alternative investment funds, according to notices to the board from the pension fund's discretionary private equity consultant Portfolio Advisors.
The $17.1 billion pension fund committed up to $40 million to buyout fund American Securities Partners VIII. LACERS has invested with American Securities in the past, including up to $20 million to American Securities Opportunities Fund II in 2010.
The pension fund also committed up to $10 million to Mill Point Capital Partners, a middle-market private equity fund. It is Mill Point Capital's first fund. LACERS also committed up to $10 million each to 1315 Capital II, a growth equity strategy, and Thoma Bravo Discover Fund II, a lower-middle-market private equity fund. LACERS has invested with both managers in the past.
Portfolio Advisors, with staff concurrence, has discretion to make commitments without board approval. LACERS currently has a 12% target allocation to private equity.