Los Angeles Fire & Police Pension System committed a total of up to $56.2 million to three alternative investment funds in closed session, according to online documents on the $21.3 billion pension fund's website.
Pension fund officials committed €34 million ($38.8 million) to European buyout fund Astorg VII, managed by Astorg Partners. But Astorg officials reduced LAFPP's commitment to €23 million ($26.2 million) due to oversubscription of the fund; the investment closed Dec. 17. The pension plan has invested with Astorg in the past, including in Astorg VI.
The pension fund also committed up to $25 million to leveraged buyout fund Court Square Capital Partners IV, a new relationship.
LAFPP also committed up to $5 million to Grain Communications Opportunity Fund II, a infrastructure fund focusing on wireless and spectrum assets managed by Grain Management, a new relationship for the pension fund.