Los Angeles Fire & Police Pensions committed up to $50 million to a middle-market buyout fund Incline Equity Partners VI, a staff report of the $28.7 billion pension plan showed.
LAFPP has invested with Incline in the past, including committing $35 million to Incline Equity Partners V in 2020.
Separately, the pension fund had invested in Silicon Valley Bank and Signature Bank, with cost bases of about $19 million and $11 million, respectively, according to another staff report. Both investments "are total losses," the report said. These investments were held primarily in passive index funds and smart beta products.