Los Angeles Fire and Police commit to Clearlake, real assets funds

The $23.9 billion pension joins several other major LPs as investors in Clearlake's sixth fund.

Los Angeles Fire and Police Pensions approved $80 million to private equity and real assets and $27.5 million to venture capital as 2019 closed out, according to documents posted on its website.

The fund was set to commit $50 million to Clearlake Capital Partners VI, managed by Clearlake Capital Group. This fund has a $5 billion target and a $7 billion hard cap, as Buyouts reported.

The agenda for LAFPP’s board of commissioners meeting Thursday said Clearlake reduced the commitment to $25 million due to over-subscription. The deal closed Dec. 10.

The fund is expected to close in the first quarter of 2020, according to a memo from Pennsylvania Public School Employees’ Retirement System, which committed to the fund. Other LPs that have committed include Pennsylvania State Employees Retirement System, San Fransisco Employees’ Retirement System and Teacher Retirement System of Texas, according to data from sister title Private Equity International. 

The real assets commitments were:

• $15 million to Appian Natural Resources Fund II, managed by Appian Capital Advisory LLP, which focuses on the metals and mining sector;

• $15 million to Ecosystem Investment Partners IV, managed by Ecosystem Investment Partners with a $350 million target, according to a Form D.

LAFPP also committed $27.5 million to venture capital funds, according to sister title Venture Capital Journal. These included funds managed by Acrew Capital and Canvas Ventures.

As of Dec. 31, 2019, the LAFPP fund was valued at $24.9 billion. Its private equity portfolio was valued at $2.47 billion.

Action Item: read the agenda for LAFPP’s Board of Commissioners Jan. 16 meeting here.