Los Angeles Fire & Police Pensions committed up to $30 million to OceanSound Partners Fund II, according to a report of closed session action.
The board of the $33.4 billion pension fund made the commitment Sept. 27 to OceanSound Partners' second flagship middle-market, U.S. technology-focused buyout fund at its Aug. 15 meeting.
OceanSound held a final close of the fund Sept. 27, raising a total of $1.5 billion, above its original hard cap of $1.3 billion, said law firm Paul, Weiss Rifkind, Wharton & Garrison, an adviser to OceanSound, in a news release. Combined with co-investment vehicles and a single-asset continuation fund closed in April, OceanSound raised a total of roughly $2.2 billion, the firm said in an Oct. 1 news release.
As of Sept. 30, the pension fund's actual allocation to private equity was 16.5%.
