Los Angeles City Employees' Retirement System committed up to $199 million total to six private equity funds made under its private equity consultant's discretionary mandate, according notices to the board by staff and the $17.3 billion pension fund's private equity consultant TorreyCove Capital Partners.
LACERS committed up to $50 million each to Harvest Partners VIII, a buyout fund, and Genstar Capital Partners IX, a global middle-market buyout fund. The pension fund has invested with Harvest Partners in the past, including a $20 million commitment to Harvest Partners VII, a 2016 vintage fund; Genstar Capital Partners is a new relationship.
The pension fund also committed up to €34.9 million ($39 million) to Gilde Buy-Out Fund VI, a European buyout fund managed by Gilde Buy Out Partners. LACERS has invested with Gilde in the past, including a €23 million commitment to Gilde Buy-Out Fund V.
LACERS also committed up to $26.75 million to Spark Capital Growth Fund III, a late-stage and growth-capital-stage fund, and up to $13.25 million in Spark Capital VI, an early stage venture capital fund, both managed by Spark Capital. The pension fund has invested in a number of Spark Capital funds, including a $15 million commitment to Spark's 2017 vintage fund, Spark Capital Growth Fund II.
Pension fund officials also committed up to $20 million in Defy Partners II, an early stage venture capital fund. LACERS previously committed $10 million to Defy Partners I, a 2017 vintage fund.
LACERS' private equity consultant, TorreyCove Capital Partners, assisted.
LACERS has a 12% target allocation to private equity.
