Los Angeles City Employees' Retirement System committed up to a combined $90 million to four alternative investment funds, according to reports to the board of the $17 billion pension fund by its discretionary private equity consultant, Portfolio Advisors.
LACERS made an up to $30 million commitment to buyout fund Thoma Bravo Fund XIII. LACERS has invested with the firm in the past. The latest was a $10 million commitment to Thoma Bravo Discover Fund II earlier this year.
It also committed up to $25 million to lower-middle-market special situations fund Platinum Equity Small Cap Fund. LACERS has invested in three prior funds with Platinum Equity, with its most recent a $15 million commitment to Platinum Equity Capital Partners IV in 2016.
Pension plan officials also committed up to $25 million to distressed debt fund Ascribe Opportunities Fund IV, managed by Ascribe Capital, formerly known as American Securities Opportunities Management. It is the distressed investment subsidiary of middle-market buyout firm American Securities. LACERS has invested with Ascribe and American Securities in the past, with the latest investment a $40 million commitment to American Securities Partners VIII earlier this year.
Lastly, the pension fund made an up to $10 million commitment to middle-market buyout fund Astra Partners I, managed by Astra Capital Management, which was founded in 2014. This is a new relationship for the pension fund.