Month: November 2020

Fairview Capital and Los Angeles Fire & Police Pensions (LAFPP) announce the inaugural “Investing in Inclusion” event on November 17, 2020 at 10:00 am PST. This webinar will be hosted by Fairview and will highlight LAFPP’s successful Private Equity Specialized Manager Program.

This unique opportunity provides access to key decision makers including LAFPP commissioners and staff alongside the Fairview team. Additionally, GPs currently investing on behalf of this program will profile their strategies and insights to navigate the fundraising process. This interactive experience will focus on nurturing the dialogue between institutional investors, asset managers and diverse GPs in the mission to increase diverse manager investments.

LAFPP’s Specialized Program focuses on attracting private equity funds that are first, second or third-time funds and with a fund size of approximately $500 million or less. Additionally, the focus is on funds that include minority, woman, Lesbian, Gay, Bisexual, Transgender and Queer (LGBTQ) or disabled veteran ownership, investments in underserved areas, or investments in California or Los Angeles.

About LAFPP

LAFPP oversees the pension fund for sworn members of City of Los Angeles Fire, Police, Airport and Port departments. The fund is currently valued at over $25 billion in assets and serves over 26,500 members and beneficiaries.

About Fairview Capital

Fairview Capital Partners, Inc., is a leading private equity and venture capital investment management firm with significant expertise developing innovative and intelligent private market investment solutions for institutional investors. Fairview has provided investment solutions to a wide range of institutional investors, including some of the most sophisticated public and corporate pension plans, endowments, foundations, and family offices in the country.

Good news! Based on the actuarial report for the period ending June 30, 2020, the combined funded ratio for pension and health benefits is 88.6%, up slightly from 88.5% the previous year. This marks the third consecutive year that the combined funded ratio has increased for the System. Even though the pension benefit funded ratio is now 93.2%, down from 93.6%, the health benefit funded ratio increased from 56.2% to 59.7%. The favorable results indicate that the Plan remains strong despite a volatile year marked by the COVID-19 pandemic.

Every year a valuation of the LAFPP fund is performed by the Board’s actuary. The valuation reviews the System’s assets and liabilities and establishes the City’s (including the Harbor and Airport Departments) contribution to the fund for each fiscal year. The City’s combined contribution rate for July 15, 2021 will decrease by 0.91% of sworn payroll, from 46.60% to 45.69%. The contribution rate decrease is due to loss layers from the June 30, 1990 and June 30, 2005 valuations being fully amortized, amortizing the prior year’s unfunded actuarial accrued liability over a larger than expected projected total payroll, a higher than expected return on the valuation value of assets (after smoothing), and health premiums and subsidies being lower than projected in the prior valuation. The overall unfunded liabilities have increased from $3.0 billion to $3.1 billion.

The results of the valuation reflect the changes in actuarial assumptions adopted by the Board on May 21, 2020. The assumption changes include, but are not limited to, a 7% annual investment rate of return, inflation of 2.75%, and adjustments to expected active member salary increases, retirement, termination, and disability incidence rates.

The approved 2020 actuarial reports can be found on the Financial Reports page of our website.

Fairview Capital and Los Angeles Fire & Police Pensions (LAFPP) held a successful inaugural “Investing in Inclusion” event that occurred on November 17, 2020. The webinar was hosted by Fairview and highlighted LAFPP’s successful Private Equity Specialized Manager Program. This event was attended by over 250 diverse general partners, limited partners, and others interested in learning more about LAFPP’s Specialized Manager Program and potential opportunities for fundraising and institutional investing.

The webinar provided a unique opportunity to access key decision makers including LAFPP commissioners and staff alongside the Fairview Capital team. Additionally, general partners currently investing on behalf of LAFPP’s program profiled their strategies and insights to navigate the fundraising process. The interactive experience focused on nurturing the dialogue between institutional investors, asset managers and diverse GPs in the mission to increase diverse manager investments.

LAFPP’s Specialized Program focuses on attracting private equity funds that are first, second or third-time funds and with a fund size of approximately $500 million or less. Additionally, the focus is on funds that include minority, woman, Lesbian, Gay, Bisexual, Transgender and Queer (LGBTQ) or disabled veteran ownership, investments in underserved areas, or investments in California or Los Angeles. You can learn more about LAFPP’s Specialized Manager Program at www.lafpp.com/private-equity-specialized-manager-program.

To view the recording of the event visit: https://www.youtube.com/watch?v=P7GlEMfBjXo&feature=youtu.be

About LAFPP

LAFPP oversees the pension fund for sworn members of City of Los Angeles Fire, Police, Airport and Port departments. The fund is currently valued at over $26 billion in assets and serves over 26,500 members and beneficiaries.

About Fairview Capital

Fairview Capital Partners, Inc., is a leading private equity and venture capital investment management firm with significant expertise developing innovative and intelligent private market investment solutions for institutional investors. Fairview has provided investment solutions to a wide range of institutional investors, including some of the most sophisticated public and corporate pension plans, endowments, foundations, and family offices in the country.