The $33.9B Los Angeles Fire and Police Pensions (LAFPP) unveiled a newly approved $15M private equity commitment at its July board meeting.
The pension plan is steering $15M to the Avance Investment Partners II fund, which is focused on investments in buyout opportunities within business services and consumer goods industry, as well as the telecommunications, media, and technology sectors in the US.
Avance Investment Management, which was founded in 2020, is a re-up external manager for the LAFPP. The inaugural fund closed in September 2022 and targeted founder-owned, middle-market companies. Pension plans, including Connecticut State Employees Retirement System and City of Baltimore Employees’ Retirement System, have also invested in Fund I.
Although the LAFPP’s target private equity allocation is set at 15%, it currently allocates 16.79% to the portfolio.
According to the meeting packet, the pension plan also made new commitments to its private credit portfolio, including $30M to Atlantic Park Strategic Capital Fund III and $15M to Avante Capital Partners SBIC IV; alongside an additional commitment of $100M to Brookfield Super-Core Infrastructure Partners.
