Los Angeles Fire & Police Pensions backs Baring Asia fund

Baring reached a first close of $4.5 billion on the fund last month, having set a target of $5.5 billion. It represents a step up in size from Fund VI, which closed at $3.98 billion in early 2015, but the fundraising process appears to be similar. Baring originally planned to raise $3 billion for that vehicle.

LAFPP had total assets of $22.2 billion as of June 2018, of which $2.08 billion was deployed in private equity. The 9.37% allocation is short of the 12% target. The pension plan’s overall commitment, which includes the unfunded portion, was $4.14 billion, with 48% in buyout strategies, 25% in venture capital, and 28% in special situations. Portfolio Advisors serves as advisor for the largest share of this capital.

LAFPP’s other Asia-focused GP relationships include Bain Capital and CVC Capital Partners. It has backed the most recent two Bain pan-regional funds and CVC’s fourth – and most recent – Asia vehicle. The pension plan is also invested with DCM Ventures and Vivo Capital, which have significant allocations to China out of funds that are also active in the US.

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• Topics
• Fundraising
• LPs
• North America
• Asia
• Baring Private Equity Asia
• Los Angeles Fire & Police Pensions (LAFPP)