Bain Capital, Platinum Equity pick up LA pension fund commitments

January 30, 2017

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Platinum Equity and Bain Capital have picked up commitments worth up to $47.5m from the LA Fire & Police Pension System.

Board materials uploaded to the LAFPP website show it agreed to commit up to $40m to Platinum Equity Capital Partners IV, and $7.5m to Bain Double Impact Fund late last year.

Platinum Equity Capital Partners IV was launched last August targeting $4.5bn, with a $5.5bn hard cap. The fund will focus on distressed companies primarily in Western Europe and North America.

Last October Pennsylvania State Employees’ Retirement System announced a commitment of up to $100m to the fund, two weeks after the Pennsylvania Public School Employees Retirement System said it would invest up to $300m.

Both pension funds have previously supported Platinum Equity managed vehicles.

Bain Capital’s Double Impact Fund aims to invest in businesses to generate impact in sustainability, wellness and community building.

That includes promoting ecologically beneficial water, energy and agriculture practices, improving health outcomes through food access and quality and access to healthcare, and expanding economic opportunity in distressed communities to create good jobs, promote ownership and catalyze long-term growth.