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FUNDRAISING NEWS | November 08, 2024

LA Fire & Police Targets Up to $375M for 2025 Private Credit Pacing Plan

Tags: Pension Funds, Private Credit

The Los Angeles Fire & Police Pension System is eyeing up to $375M in private credit investments to between six and nine funds for 2025, as disclosed in its November 6 board meeting materials.  

Direct lending will account for the largest allocation, with consultant StepStone recommending average commitments per strategy of $35M to $60M spread between two to four funds. The pension will also target a range of one to three specialty finance funds with $30M to $50M in average commitment per strategy, one to four special situations funds with $30M to $45M per strategy, and one to two real asset debt funds with $15M to $35M per strategy. Commitments to a distressed debt fund, if any, are also recommended at $15M to $35M per strategy.  

The target commitments are set to align with the pension’s 3% target weight in private credit, which was increased from 2% as of June 30. Per Dakota data, the pension oversees a portfolio valued at approximately $31.4B.

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Written By: Dakota

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