Los Angeles County Employees Retirement Association's board committed up to $200 million to Clearlake Capital Partners VI, said Jonathan Grabel, CIO of the$60.7 billion Pasadena, Calif.-based pension plan.
Clearlake Capital Partners VI is a North American middle-market private equity special situations and value fund. LACERA has invested with Clearlake Capital Group in the past, including up to $125 million to Clearlake Capital Partners V.
Separately, LACERA made a secondary market purchase of $23 million in private equity fund Access Foundation Partners Group II managed by Access Holdings.
"The secondary purchase is consistent with our focus on finding value opportunities across our portfolio," Mr. Grabel said. "We have a great private equity team and part of their charge is to identify opportunities in the secondary market both as a buyer and seller."
