Los Angeles Fire & Police Pension Plan committed a total of up to $102.5 million to four alternative investment funds, board documents for the $22.3 billion pension plan show.
Pension officials committed up to $40 million to StepStone Secondaries Fund IV, managed by StepStone Group, which invests in alternative investments on the secondary markets. Los Angeles Fire & Police has invested in other StepStone funds, including StepStone's prior secondaries fund, StepStone Secondaries Fund III.
Los Angeles Fire & Police also committed $30 million to Advent International GPE IX, a global private equity fund. Pension officials originally committed up to $50 million to the fund but Advent reduced Los Angeles Fire & Police's commitment to $30 million because the fund was oversubscribed. Pension officials have invested in other Advent International funds including Advent International GPE VII.
The board also committed up to $25 million to Accel-KKR Capital Partners VI, a middle-market private equity fund, and up to $7.5 million to Fika Ventures II, a seed stage venture capital fund. It's the pension fund's first commitments to both firms.
Separately, Los Angeles Fire & Police is redeeming its $36.6 million investment in Berkshire Multifamily Income Realty Fund, an open-end real estate fund managed by the Berkshire Group. Neither Tom Lopez, the pension fund's chief investment officer, nor General Manager Raymond P. Ciranna could be reached by deadline requesting further information.