Los Angeles Fire & Police Pensions committed up to $37.5 million to two alternative investment funds, according to a report of closed session actions.
The pension fund committed up to $22.5 million to Pelion Ventures VIII, a venture capital fund managed by Pelion Venture Partners, and up to $15 million to Clearhaven Fund II, a middle market technology-focused buyout fund managed by Clearhaven Partners.
Separately, at the board's May 19 meeting, it approved investing about $100 million in a passive clean energy and a passive water equity portfolio. The board will choose a manager from a group of pre-selected index managers at a later meeting. The bench of managers are AllianceBernstein, BlackRock, Northern Trust and RhumbLine.
The board also renewed contracts for three years until July 31, 2026, for Brandes Investment Partners, which runs a $1.3 billion international developed markets equity portfolio; Payden & Rygel for an $357 million unconstrained fixed income mandate; and Scout Investments' fixed income business, Reams Asset Management, for a $396.3 million unconstrained fixed-income portfolio.
In other news, LAFPP has delayed the timeline for selecting a new CIO to mid-June due to a two-week delay in posting the job announcement and a response of 120 applicants, said Joseph Salaza, LAFPP's general manager at the same meeting. LAFPP hired its general investment consultant, RVK to assist with the application review process.
LAFPP launched the CIO search after the resignation of former CIO Ray Joseph in May 2022. Former LAFPP CIO Tom Lopez, who retired from the pension fund in 2021, will continue to serve as interim chief investment officer until July.