Los Angeles Fire & Police Pension Fund committed up to $55 million to two private equity funds, according to agenda materials for the $23.9 billion pension fund’s upcoming meeting Thursday.
Pension officials committed up to $40 million to BDCM Opportunity Fund V, which takes a controlling interest in distressed and other companies and is managed by Black Diamond Capital Management, and up to $15 million to Longitude Venture Partners IV, which invests in biotechnology and medical technology companies and is managed by Longitude Capital.
Pension officials have invested with both managers in the past.
Separately, the board plans to hold a special meeting Thursday to discuss Fisher Investments and pension officials have asked a representative from Fisher to attend the meeting to discuss the company's response to comments by Kenneth L. Fisher, said General Manager Raymond Ciranna in an email. The upcoming discussion is a result of sexist comments reportedly made by Mr. Fisher, the firm's founder, executive chairman and co-chief investment officer at an Oct. 8 conference.
Los Angeles Fire & Police Pension had $495.8 million invested in an international equity portfolio with Fisher as of Sept. 30. Fisher's current contract with the pension plan started on Aug. 1 and is set to expire on July 31, 2022.