LPs

Baring Asia takes biggest bite of $55 mln in LACERS commitments

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  • Baring PE Asia Fund VI gets $25 mln
  • $20 mln goes to Hellman, $10 mln to Stripes
  • System is 3 pct below PE target allocation  

LACERS’ biggest commitment, $25 million, went to Baring Asia Private Equity Fund VI, a middle-market fund that will invest in companies based in the Asia Pacific region. The retirement system secured a 1.8 management fee, according to a memo from Portfolio Advisors included in LACERS’ Nov. 12 meeting materials.

Baring Private Equity Asia, based in Hong Kong, held a first close on $3.2 billion in October. The general partner will provide 2 percent of the fund, which has a hard cap of $3.85 billion, Portfolio Advisors said.

LACERS’ second-largest investment, $20 million, went to Hellman & Friedman’s Fund VIII. Hellman held a final close on $10.9 billion for its eighth fund in November, well ahead of its $8.9 billion target.

Lastly, the retirement system committed $10 million to Stripes Group’s third fund, which held a final close on $500 million in September.

SG Growth Partners III will make 12 to 18 buyout and minority-stake equity investments in lower and middle-market technology enabled companies.

LACERS, which has $13.9 billion in assets under management, valued its private equity portfolio at $1.26 billion, as of June 30. Its allocation to PE stood at 9 percent, well below its 12 percent target.