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.