LA Fire and Police Commits $85M to Alts; Commits to Specialized Private Equity Program

The Los Angeles Police and Fire Pension System has approved three commitments to alternatives totaling $85 million, according to materials from the July 18th Board meeting. 

In private credit, $30 million was allocated to KKR Asset Based Finance Partners Fund II and $40 million to Crestline Direct Lending Fund IV. And in VC, $15 million was committed to MaC Venture Capital Fund III.

Additionally, staff approved an additional $200 million allocation to Portfolio Advisors to invest in the Specialized Manager Private Equity Program, LAFPP’s emerging manager program.

As of June 30, 2024, LAFPP was valued at approximately $31.3 billion, allocating approximately 0.09% to private credit with a target of 3% and approximately 17.32% to private equity with a target of 15%.

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