Los Angeles Fire & Police Pension System committed a total of up to $59.5 million to three alternative investment funds, according to a report on the $22.7 billion pension fund's website.
The board committed up to $40 million to Gridiron Capital Fund IV, a middle-market buyout fund. Up to $10 million also was committed to $10 million in Blue Sea Capital Fund II, a lower middle-market buyout fund.
The board also committed $9.5 million to Defy Partners II, an early-stage venture capital fund. The board had originally approved a commitment of up to $10 million to the fund in closed session on Feb. 21, but Defy executives reduced the pension fund's commitment due to oversubscription.
The pension fund has invested with all three managers in the past.
The board also disclosed that it had approved in September the sale of a minimum of $36.5 million in a St. Louis industrial portfolio, a real estate separate account managed by Sentinel. The transaction closed March 7. The pension fund had $2.3 million remaining in equity in the portfolio as of March 31.
