Los Angeles Fire & Police Pension System committed up to $75 million to three alternative investment funds, according to reports to the board of the $23.1 billion pension fund.
Pension fund officials committed up to $40 million to ABRY Advanced Securities Fund IV, a structured debt fund managed by ABRY Partners. This is the first time the pension fund has invested with ABRY Partners.
The pension fund also committed up to up to $25 million to Baring Asia Private Equity Fund VII, a middle-market buyout fund managed by Baring Private Equity Asia. This is a new relationship.
Los Angeles Fire & Police also committed up to $15 million to Polaris Growth Fund I, but the venture capital firm Polaris Partners reduced the pension fund's commitment to its first growth fund to $10 million.
The pension plan has a 12% target allocation to private equity.