The $8.2 billion Los Angeles City Employees’ Retirement System in mid-October raised its target allocation to private equity to 9 percent from 8 percent, giving it a tiny bit of room above its funded allocation of 8.5 percent. The permissible range is 3 percent to 12.5 percent.
In August, the LP pledged up to $20 million to mega-fund Hellman & Friedman Capital Partners VII LP and up to $20 million to TA Associates’s mid-market growth capital and buyout vehicle TA XI. Other recent pledges include $10 million to Falcon Strategic Partners III for making mezzanine investments in the lower middle market, and $20 million to Lindsay Goldberg III LP for investing in North American manufacturing, financial services and health care companies.
In 2008, the LP committed roughly $300 million to the private equity asset class. It backs buyout, distressed debt, venture capital, mid-market growth, mezzanine, funds of funds and special situations vehicles. Hamilton Lane serves as its alternative investment consultant, with Pension Consulting Alliance providing specialized alternative consulting services.