The $34 billion Los Angeles Fire and Police Pensions system has committed $225 million across a mix of private equity and private credit funds as it continues to expand its alternatives portfolio. Recent allocations included $155 million to three private equity funds: $75 million to TPG GP Solutions II, which targets liquidity and financing needs for general partners; $30 million to Oak HC/FT Partners VI, a growth-focused strategy that recently backed GenAI tax platform Blue J; and $50 million to Ridgemont Equity Partners V, a mid-market buyout fund focused on industrials, business services, and healthcare. 

On the private credit side, the pension fund is building out a program that currently totals more than $200 million with a long-term goal of reaching $1 billion (3% of assets). Two recent commitments include $40 million to AllianceBernstein’s Direct Lending Middle Market Fund IV Evergreen and $30 million to Castlelake Asset Based Private Credit III Evergreen, which invests in specialty finance and asset-backed lending opportunities. 

The system also continues to emphasize niche strategies within its $5.8 billion private equity program, recently allocating $15 million to Avance Investment Partners II. With 17% exposure versus a 15% target, Los Angeles Fire and Police Pensions remains overweight to private equity while selectively expanding private credit to balance its alternatives mix. 

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