LA pension continues its push into venture, adds two new managers to its portfolio

LAFPP continues to dive further into venture, investing $27.5m across two vehicles for Acrew and Canvas.

The Los Angeles Fire and Police Pension Fund (LAFPP) invested $27.5 million into two new manager partnerships in November.

The California pension fund committed $20 million to Acrew Capital Fund I and $7.5 million to Canvas Ventures 3. Both commitments were made in November and closed in December. The pension announced these commitments in its January 16 meeting documents.

The Acrew vehicle closed in December on more than $250 million raised from 69 investors, according to multiple SEC filings. This vehicle is the debut fund for Acrew Capital, which is a spinout from Ascent Capital and will focus on early-stage investing.

Canvas Ventures 3 was launched in December 2019 and is targeting $300 million. Canvas Ventures is a early-stage technology investor.

These commitments add the fund’s three existing emerging manager commitments during Q3, which include $10 million each to Ulu Ventures III, Base10 Partners II and Centana Growth Partners II.

The pension continues to dive further into venture, these commitments mark the 13th and 14th venture allocation for the 2019 year. The pension fund committed to only four venture managers during 2018 and will likely surpass that number by 5x in 2019 when all its commitments are disclosed.

LAFPP’s venture portfolio was valued at more than $1.2 billion at the end of the second quarter in 2019. It currently represents 34 percent of the pension’s private equity bucket and about 4 percent of the overall portfolio.

The LAFPP was founded in 1899 and serves more than 26,000 active and retired firefighters and police officers. The pension has more than $23 billion in assets under management.