Private Equity Specialized Manager Program

Overview

Private Equity Specialized Manager Program

The Los Angeles Fire & Police Pensions (LAFPP) private equity program includes a portfolio dedicated to Specialized Managers. The Specialized private equity portfolio allows for first-, second-, and third-time funds, that are approximately $100 million to $500 million in size, to participate in the program.  This portfolio strives for diversification among strategies (buyout, venture capital, special situations), sectors, and geographies. 

LAFPP’s Specialized Manager program dates back to 1996.  Since that time, LAFPP has made commitments to Specialized private equity emerging managers that have included firms with minority-, women- and Lesbian, Gay, Bisexual, Transgender and Queer- (LGBTQ) ownership.  Additionally, LAFPP has made fund commitments to emerging managers that are based in the City of Los Angeles or California, or targeted investments in economically disadvantaged markets.  LAFPP uses the services of two private equity investment managers, Portfolio Advisors and Fairview Capital, who review and underwrite potential funds prior to presenting these funds to the Board for consideration. 

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

If you have any questions, please contact Investments Staff by phone at (213) 279-3020 or by email at pensions@lafpp.com.  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.

 

Requirements during the contracting proposal process:

City Lobbying Laws

“Lobbying occurs when someone—regardless of title—is paid to influence a City action on behalf of another person.”  City law requires those who qualify as a lobbying entity to disclose specified information and register with the Ethics Commission.  The Los Angeles City Ethics Commission’s website explains who would be considered a lobbyist and has information on lobbying laws, as well as City laws on the limitations of gifts and political contributions from bidders, contractors, and subcontractors.  Publications and forms are also included on the Ethics Commission website. 

 

City of Los Angeles Governmental Ethics Ordinance

Section 49.5.11 of this ordinance was developed by the Los Angeles City Ethics Commission and is also part of the Los Angeles Municipal Code.  This Section refers to City board or commission member involvement in the various stages of contract proposals, bids, or any other requests for contract awards/amendments/changes; City board or commission members must refrain from contracting-related activities that involve their board, commission, or agency, except at public meetings. 

 

Marketing Cessation Policy

The purpose of this Board Policy is to prevent and avoid the appearance of undue influence on the Board or any of its members, or on Staff, in the award of all contracts. It restricts contact with the Board and Staff at certain points in time.