Los Angeles Fire and Police Pensions backs Windjammer, Carrick

  • Carrick targets $400 mln for Fund III
  • Windjammer raising $800 mln for fifth senior equity fund
  • LAFPP has 8.72 pct allocation to PE

Los Angeles Fire and Police Pensions in October inked two commitments to private equity totaling $40 million.

The $21.9 billion pension system committed $25 million to Windjammer Senior Equity Fund V and $15 million to Carrick Capital Partners III, a document in materials for an upcoming meeting shows. The LAFPP board approved both commitments in its closed session on Sept. 7.

Windjammer Capital Investors is targeting $800 million for its latest fund, though it could raise more, a Form D the firm filed with the SEC in October says. The firm typically invests $50 million to $200 million per deal, typically as equity or subordinated debt.

The firm’s third senior equity fund, which closed on $574 million in 2006, was netting a 17.7 percent internal rate of return through Dec. 31, according to Colorado Public Employees’ Retirement Association documents.

Fund IV, a $726 million 2012 vintage, was marked as netting a negative 3.16 percent IRR as of the same date, Pennsylvania Public School Employees’ Retirement System documents show.

Carrick Capital Partners is targeting $400 million for its third flagship fund, according to an SEC filing. The firm typically makes growth investments in technology business-to-business companies, usually with revenue of $20 million to $100 million.

Carrick closed its second fund on $275 million in 2015. The firm’s debut fund raised $180 million in 2012.

LAFPP held 8.72 percent of its assets in PE as of Oct. 31, an investment report says. The retirement fund’s long-term target allocation to the asset class is 12 percent.

Action Item: For more on LAFPP: www.lafpp.com