LA Fire & Police re-ups with StepStone

The $18bn pension has made a commitment to Stepstone Secondary Opportunities Fund III that is five times larger than the investment in the firm's predecessor vehicle.

Los Angeles Fire & Police Pension System (LAFPP) has invested five times more in StepStone‘s latest secondaries fund than it did in the previous vehicle, committing $25 million this time around.

LAFPP approved the commitment to Stepstone Secondary Opportunities Fund III on 7 April, according to minutes from its 21 July board meeting. The pension had committed $5 million to the firm’s 2012-vintage Stepstone Secondary Opportunities Fund II, according to PEI Research & Analytics.

Stepstone Secondary Opportunities Fund III’s target is not clear. Its predecessor closed on $450 million, above its $350 million target, and had amassed almost $94 million as of January.

The fund has also received a $30 million commitment from Fubon Life Insurance, as Secondaries Investor previously reported.

Over 9 percent of LAFPP’s $18 billion in assets under management was allocated to private equity as of 30 June, according to the pension’s website.