Los Angeles City Employees' Retirement System committed up to $205 million total to six private equity funds, pension fund documents show.
The $18 billion pension fund committed up to $50 million to Platinum Equity Partners V, a buyout fund that will invest in underperforming businesses in North America and Europe. LACERS has invested with Platinum Equity in the past, including a $22.5 million commitment to Platinum Equity Small Cap Fund in 2018 and $15 million to Platinum Equity Capital Partners IV in 2016.
LACERS also committed up to $45 million to Advent Global Private Equity IX, a buyout fund managed by Advent International that invests in business and financial services, health care, industrial, retail, consumer and leisure, and technology, media and telecommunications business in North America and Europe. It also committed up to $15 million to Advent Global Technology, a buyout fund that invests in software and technology-enabled service industries in North America and Europe. LACERS has invested in prior Advent International funds, including $35 million in Advent Global Private Equity VIII in 2016.
Pension fund officials also committed up to $35 million each to New Enterprise Associates 17, a technology venture capital fund and TA XIII, a middle-market growth fund. LACERS has existing relationships with both TA Associates and NEA, including a $25 million commitment to TA XII-A in 2016 and a $25 million commitment to New Enterprise Associates 16 in 2017.
LACERS also committed up to $25 million to FS Equity Partners VIII, a buyout fund investing in consumer and distribution companies in North America. Freeman Spogli & Co. is a new relationship.
