LACERS commits $20m to Levine Leichtman

The Los Angeles pension system invested in the local mezzanine fund that is targeting $1.5bn. 

The Los Angeles City Employees’ Retirement System committed $20 million to Levine Leichtman Capital Partners V, according to documents from the pension fund’s board meeting Tuesday.

Levine Leichtman is targeting $1.5 billion for its fifth mezzanine fund, according to documents filed with the US Securities and Exchange Commission last month. The fund will focus on North American investments in the consumer goods sector, according to Private Debt Investor’s Research and Analytics division.

Levine Leichtman was unavailable to comment at press time.

Fund V launched earlier this year and has raised $1.27 billion, according to the filing. Commitments include the Arkansas Teacher Retirement System and Ohio Public Employees Retirement System.

The firm’s fourth mezzanine fund closed on $1.1 billion, edging past its $1 billion target, in 2009. The fund is still investing

Beverley Hills-based Levine Leichtman was founded in 1984 by Lauren and Arthur Leichtman. The firm has structured equity, small business-focused and distressed debt funds, according to its website.