California LP Makes Pledges Of $95M

By
Brad Meikle
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The Los Angeles Fire & Police Pensions recently announced $95 million of private equity commitments, including $50 million to two buyout shops, as the limited partner slowly inches up its allocation to the asset class.

San Mateo, Calif.-based lower mid-market shop Bertram Capital Management received a slug of $25 million for its sophomore vehicle, Bertram Growth Capital II LP, earmarked for investments in aerospace, health care, manufacturing, business services and cleantech. The fund recently closed with $500 million in LP commitments.

The pension also committed $25 million to Energy Capital Partners’s second fund. Energy Capital Partners II, which closed with $4.3 billion, will be used to invest in fossil and renewable power generation, electric transmission and midstream gas.

In addition, a total of $45 million went to venture capital funds Insight Venture Partners Co-Investment Fund II LP and Institutional Venture Partners XIII LP.

As of October 12, the pension fund’s actual allocation to private equity stood at 6.4 percent, or $870 million, with a 10 percent target to the asset class and an allowable range of 8 percent to 12 percent.

Earlier this year, Chief Investment Officer Tom Lopez told Buyouts that the pension intends to commit between $200 million and $400 million this year to private equity and that it is not leaning toward any particular sub-strategies.

Portfolio Advisors serves as the LP’s private equity consultant.