LACERS commits $20m to Providence debt fund

Providence plans to raise $1bn in credit-focused commitments, having gone to market just one year after closing its debut debt fund on more than $1bn.

The Los Angeles City Employees’ Retirement System has committed $20 million to Providence Equity’s debt fund, which is targeting $1 billion.

Providence TMT Special Situations Fund II began marketing last year. The firm’s debut debt fund closed in 2008 with $1.14 billion in commitments.

The fund also received a $200 million commitment from the Florida State Board of Administration last year.

LACERS, which ahs $9.9 billion in assets, has a target allocation to alternatives of 7 percent and an actual allocation of 8.6 percent. LACERS has picked up its commitment pace to private equity funds this year compared to 2009.

In May, the pension committed $15 million to JH Whitney VII. In March, the pension committed $20 million to Angeleno Investors III, which is targeting $250 million for investments in alternative energy and clean technology companies in the US.

The pension has also this year committed to American Securities Opportunities Fund II and Enhanced Equity Fund II.