Los Angeles City Employees' Retirement System committed up to $105 million total to four alternative investment funds, board documents for the $17 billion pension fund show.
The pension fund committed up to $40 million in ABRY Partners IX, a buyout fund that will invest in media, communications, business and information services sectors. LACERS has invested with ABRY Partners in the past, including a $40 million commitment to ABRY Advanced Securities Fund IV in 2018.
LACERS also committed up to €35 million ($40 million) to Astorg VII, a buyout fund that will invest in European middle-market companies. The fund is managed by Astorg Partners, an existing general partner. LACERS previously committed €22 million to Astorg VI in 2015.
The pension fund also committed up to $15 million in Roark Capital Partners V, and up to $10 million to Roark Capital Partners II Sidecar. Both funds are buyout strategies managed by Roark Capital Group, a new relationship for LACERS. The main difference between the two funds is that Roark Capital Partners II Sidecar will focus on companies in the casual dining sector. For both funds, Roark will invest in companies with enterprise values of $100 million to $1.5 billion.
TorreyCove Capital Partners, LACERS' private equity consultant, assisted.