LA Fire & Police Bolster Three Key Alts Classes
The Los Angeles Fire and Police Pensions recently added several managers within three key alternative asset classes, totaling more than $390 million in new mandates.
Three credit funds were chosen, according to the meeting documents. Private credit is a new portfolio for the city pension that was approved in 201 and will account for 3% of assets. The biggest commitment was made to Fidelity Investments’ Fidelity Evergreen Private Credit Fund for $100 million. Atalaya Capital Management, which is being acquired by Blue Owl, received two mandates. Atalaya Asset Income Fund Evergreen received $40 million, with up to $30 million pledged to Atalaya Special Opportunities Fund IX.
In April, officials at the $31 billion pension fund approved a $30 million investment in KKR’s Asset Based Finance Partners II. On June 1, Crestline Investors’ Crestline Direct Lending Fund IV received a $40 million allocation.
Within private equity, two Thoma Bravo funds were chosen. Thoma Bravo Discover Fund V received a $60 million commitment, with an additional $20 million allocated to Thoma Bravo Europe I. A $15 million allocation has been made to Centana Growth Partners III, a growth equity fund. Finally, the venture capital vehicle MaC Venture Capital Fund III received a $15 million pledge.
The real estate portfolio earlier this year saw the addition of Jadian Capital’s Jadian Real Estate Fund II totaling $40 million. The opportunistic real estate fund invests in industrial outdoor storage and manufactured home sites.
