Los Angeles City Employees Retirement System committed a total of up to $167.4 million to seven alternative investment funds, according to staff notices to the board.
LACERS committed up to $40 million to MBK Partners Fund V, a buyout fund investing in domestic consumption-focused businesses in the telecom/media, consumer/retail and financial services industries in South Korea, China and Japan.
The pension fund also committed up to $20 million in Hg Saturn 2 A, an upper middle-market buyout fund, and up to €17.5 million ($19 million) in Hg Genesis 9 A, a middle-market buyout fund. Both funds invest in software and technology-enabled services, mostly in northern Europe. The funds are managed by HgCapital.
LACERS also committed up to $16.7 million in General Catalyst Group X - Growth Venture, a growth equity fund; up to $11.7 million in General Catalyst Group X - Endurance, also a growth equity fund; and up to $10 million in General Catalyst Group X - Early Venture, a venture capital fund.
LACERS' private equity consultant Aksia assisted.
The board also in closed session approved a purchase of partnership interest of up to $50 million in credit opportunities fund SLC Management TALF Partners Fund 2, according to a staff notice for its May 26 meeting. The transaction closed May 15.