Los Angeles Fire & Police Pension System committed up to $192.5 million to seven private equity and real estate funds, according to documents on the $24.9 billion pension fund's website.
The pension fund committed up to $50 million to Exeter Industrial Value Fund V, a value-added industrial real estate managed by Exeter Property Group, and up to $50 million Clearlake Capital Partners VI, a special situations private equity fund managed by Clearlake Capital Group. Pension fund officials have invested with both managers in the past.
The pension fund also committed up to $35 million NREP Nordic Strategies Fund IV, a closed-end, value-added real estate fund. This is the pension fund's first investment with NREP.
LAFPP committed up to $20 million to venture capital fund Acrew Fund I, the inaugural fund of early-stage venture capital manager Acrew Capital. Acrew announced the fund's final close on Dec. 18 with $250 million, above the top end of its $175 million to $200 million fundraising target range, according to a news release.
Pension fund officials committed up to $15 million to Appian Natural Resources Fund II, a private equity fund that focuses on the metals and mining sector managed by managed by Appian Capital Advisory. They also committed up to $15 million to Ecosystem Investment Partners IV, a private equity fund that invests in the land-based environmental offset markets created to mitigate permitted impacts to wetlands, streams and other natural resources in the U.S. The pension fund has not invested with either manager in the past.
The pension fund also committed up to $7.5 million to Canvas Ventures 3, its first commitment to an early stage venture capital fund.
