The Los Angeles Fire and Police Pensions (LAFPP) private equity emerging manager program is formally named the “Specialized Manager Program.”  The Specialized Manager Program reflects LAFPP’s commitment to broadening participation in its investment program while maintaining strong fiduciary standards in order to optimize risk-adjusted portfolio returns.  It aims to capitalize on unique opportunities by partnering with niche and emerging private equity managers that have demonstrated the ability to generate attractive risk-adjusted performance.  Niche and emerging managers may offer distinctive market perspectives and investments in underserved communities and/or overlooked strategies, sectors and sourcing channels.  This program provides the plan strategic exposure to innovative investment approaches and emerging talent, primarily through commingled investment funds.  As of December 31, 2024, LAFPP has committed approximately $1.2 billion with 84 emerging private equity managers. 

The Private Equity Specialized Manager Program qualifies a firm as an emerging manager based on the following characteristics:

• First-, second-, or third-time institutional funds that are new to the program, (the Plan has not previously committed with the manager) and,

• With a stated target size of approximately $500 million or less, and that may have:
  • Funds with managers that include one or more minorities, women, LGBTQ (Lesbian, Gay, Bisexual, Transgender and Queer), persons with disabilities, and/or US Military veterans at the General Partner level, and/or
  • Funds that serve or invest in underserved communities, and/or
  • Funds that invest in companies located in Los Angeles or California.

For commitments to second- or third-time institutional funds with existing managers in the program (follow-on fund commitments or ‘re-ups’), the stated target size of the fund shall be $1 billion or less.

LAFPP works closely with our private equity investment consultant, Portfolio Advisors, to review and underwrite potential funds for consideration by the Board of Commissioners, which has sole authority to approve commitments.    

All investment management firms interested in contracting with LAFPP must abide by the applicable City of Los Angeles and LAFPP Board policies, laws, and regulations, including the ones highlighted in the Contracting Requirements Section of the website.

If you have any questions, please contact Investments Staff by phone at (213) 279-3020 or by email at [email protected].  Due to contracting restrictions as described in the ordinance and policies below, we encourage contact with Investments Staff rather than LAFPP’s Board members, as contacting individual Board members may result in your firm being disqualified from consideration.  In addition, you may contact Portfolio Advisors at [email protected].