LP profile · Pension fund
LAFPP
LAFPP is a pension fund headquartered in United States (North America). Ranked #76 in the 2026 Dealroom Power Law LP Ranking by realised power-law score across its venture commitments.
Historical Background
- The Los Angeles Fire and Police Pensions (LAFPP) was established on June 7, 1899, to manage and administer the retirement and death benefits for the city's firefighters, police officers, and their beneficiaries.
- Over its history, the fund has grown substantially, with total assets increasing from $18 billion to $30 billion under the previous Chief Investment Officer.
Source of Capital
- LAFPP's capital is derived from contributions made by its members—the active firefighters and police officers of the City of Los Angeles—and from the City itself.
- These funds are managed to provide defined benefit retirement plans for over 12,571 active members and 14,131 retirees and beneficiaries.
Major Events
- The fund recently eliminated its dedicated 5% target allocation to emerging markets equity, redirecting that capital towards international developed equity markets.
- In 2024, the board approved a new 2% target allocation to the infrastructure asset class, initiating the program with a $500 million pacing plan for 2025.
Allocation Strategy
- LAFPP allocates capital across a diversified range of asset classes, including public equity, fixed income, private equity, real estate, and private infrastructure.
- The fund has specific target allocations, such as reducing its Real Estate Investment Trusts (REITs) target to 1.5% while increasing its private real estate holdings.
- As of early 2025, the fund allocated over $230 million to private equity and credit strategies, including a $25 million add-on to TPG Growth VI.
Sources
- https://www.lafpp.com/
- https://lafpp.lacity.gov/about
- https://larfpa.org/los-angeles-fire-and-police-pension-updates/
- https://www.ncpers.org/blog_home.asp?Display=432
- https://realassets.ipe.com/news/lafpp-launches-infrastructure-portfolio-with-500m-pacing-plan/10129518.article
- https://www.pionline.com/pension-funds/la-fire-police-hike-allocation-private-real-estate-trim-reits
- https://www.alternativeswatch.com/2025/01/23/los-angeles-fire-police-pensions-allocates-233-million-to-pe-credit/
- https://lafpp.lacity.gov/investments/portfolio-glance