Los Angeles Fire & Police puts $65 million into alternatives

Los Angeles Fire & Police Pension System committed up to a total of $65 million to two alternative investment funds, according to a report for the $23.4 billion pension plan board.

The board in closed session committed up to $40 million to Vista Equity Partners Fund VII, a buyout fund investing in North American technology companies. Pension fund officials have invested with Vista Equity Partners in the past, including an up to $40 million commitment to Vista Equity Partners VI in 2016.

Pension fund officials also committed up to $25 million to TCV X, a private equity fund that focuses on technology firms managed by Technology Crossover Ventures. The pension fund has not invested with Technology Crossover Ventures in the past.