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The request comes as recent public market volatility has caused the pension's value to drop over $3bn.
Across the private equity industry, the impacts of the pandemic-spurred economic downturn are being felt in dealmaking, which has slowed or paused fundraising processes while LPs work to understand the status of their portfolios.
If Gryphon Partners VI meets its $2.7 billion goal, it will be the largest fund in the San Francisco private equity firm’s 25-year history.
LPs have reported frequent and broad communication from GPs, who are keeping fund investors updated on the status of portfolio companies, vulnerable spots, and actions GPs are taking to defend investments.
A massive calling of the credit facilities by banks would lead to GPs calling down huge amounts of capital from LPs, who are already dealing with cratering public equity portfolios. This would be a nightmare scenario. 
The fund entered into its second co-investment vehicle with asset manager Neuberger Berman.
MiddleGround, which launched in 2018, joins Leonard Green & Partners as another firm setting up assistance for portfolio company employees who are adversely affected by the coronavirus outbreak. 
The fund will be for employees of Leonard Green portfolio companies adversely impacted by the outbreak of covid-19.
Prevailing wisdom is that funds in market or just coming out would have to add another three to six months on top of their fundraising schedules.
The fund's strategy will focus on acquiring IP products in film, television, music and video games.
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