Los Angeles pension fund backs Lexington

The board of administration approved an investment of up to $75m from the retirement fund, and $15m from the retiree health benefits fund (RHBF).

Lexington Capital Partners IX is a closed-end fund with a $12bn target, focusing on the purchase of primary equity fund stakes in the secondary market.

According to Unquote Data, several investors have already committed to the fund, including Anne Arundel County Retirement & Pension System, Florida State Board of Administration, Florida State Board of Administration, Minnesota State Board of Investment, and Workers' Compensation Reinsurance Association (WCRA).

Los Angeles Water & Power Employees Retirement Plan previously committed to Lexington VI and Lexington VII.

The pension scheme invested $30m from its retirement fund in Lexington VI, which held its final close in 2007 on $3.8bn.

It also committed $35m to Lexington VII, of which $30m was from the retirement fund, and the rest from the RHBF. The fund held its final close on $7.1bn in 2011, and it targeted secondary positions in buyout, mezzanine and venture funds.

Other recent commitments include Crestview Partners IV, Clayton, Dubilier Rice Fund X, and Crestview Partners III.

The California-based pension fund has 4% of its portfolio invested in private equity as of June 2018, versus a target allocation of 5%.

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