LA Fire halfway to 2011 PE goal

The $14.6bn system has committed to ABRY Partners and American Securities, and has deployed more than half of the $275m set aside for private equity in 2011.

The LA Fire and Police Pension System has committed $25 million each to ABRY Partners VII and American Securities VI, according to pension documents. Both commitments were made before the end of the second quarter.

The $14.6 billion pension previously invested in ABRY Partners V, ABRY Advanced Securities Fund II and American Securities Partners III. ABRY Partners closed Fund VII on its $1.6 billion target in April.

The target for American Securities’ sixth fund could not be determined at press time, but the firm will aim to invest between $100 million and $500 million per transaction, primarily in companies in the US with annual revenues of $100 million to $1 billion, according to pension documents.

With the two re-up commitments, LA Fire and Police has deployed 57 percent of the $275 million set aside for private equity in 2011. The pension system has a 10 percent allocation to the asset class.

At a board meeting last week, LA Fire and Police’s committee on social investing approved language for the pension system’s new sustainable investing policy. The system defines sustainable investing as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”

The committee is recommending that the board adopt the new language.