Los Angeles Fire & Police Pensions board committed a total of up to $225 million to alternative investment funds, according to a closed session report.
Officials at the $31.3 billion pension fund committed up to $50 million each to lower-middle-market buyout fund Mill Point Capital Partners III, middle-market buyout fund CenterOak Equity Fund III managed by CenterOak Partners, and lower-middle-market buyout fund Platinum Equity Small Cap Fund II managed by Platinum Equity Advisors.
The pension fund also committed up to $40 million to WCP NewCold III, an opportunistic real estate fund managed by Westport Capital Partners that invests in temperature-controlled storage, and up to $35 million to middle-market private credit fund Monroe Capital Private Credit (Delaware) Feeder Fund V.
Separately, LAFPP earned a gross return of 12.4%, underperforming its 15.1% benchmark for the fiscal year ended June 30.
The pension fund returned an annualized gross return of 5.8% for the three years ended June 30, above its 5.5% benchmark; 9.9% for five years besting its 9.8% benchmark; and 7.9% for 10 years, outperforming its 7.5% benchmark.
The best-performing asset class for the fiscal year was international developed markets equity at 23%, outperforming its 16.2% benchmark, while its worst-performing asset class in the fiscal year was real estate at -1.6%, outperforming its -5.3% benchmark.
