CalPERS, Los Angeles Fire and Police back Leonard Green funds

CalPERS also committed to the latest Madison Dearborn fund.

California Public Employees Retirement System and Los Angeles Fire and Police Pensions both committed to two just-closed funds from Leonard Green & Partners, according to meeting materials posted to their websites.

CalPERS committed $600 million and LAFPP $30 million to Green Equity Investors VIII, a buyouts fund. This fund was launched in May with a $9.6 billion target and a $12 billion cap, Buyouts has reported.

CalPERS also committed $155 million and LAFPP added $20 million to Jade Equity Investors, Leonard Green’s debut small-cap fund. It had a $2 billion target and was also launched in May. It will focus on the middle market.

Leonard Green announced the closing of both these funds Monday, according to sister title PE Hub. The flagship fund closed at $12 billion and the Jade fund at $2.75 billion, the firm said.

CalPERS also committed $400 million to Madison Dearborn Capital Partners VIII, managed by Madison Dearborn Partners. This fund has a $4.5 billion target, Buyouts has reported

As of Oct. 31, CalPERS’s fund was valued at $385.3 billion. Of that, $26.2 billion, or 6.8 percent, was in private equity.

As of Sept. 30, LAFPP’s investment portfolio was valued at $23.92 billion with 10.16 percent, or $2.4 billion, of that in private equity. As of June 30, 45.6 of that was in buyouts, 34 percent in venture capital and 20.4 percent in special situations.

Action Item: read the materials for CalPERS’s upcoming Investment Committee meeting here.