LPs

Baltimore Fire & Police pledges $15 mln to Lexington Partners

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  • Passes on HarbourVest Partners and Greenspring Associates
  • Will consider two more managers in August
  • PE allocation is about 3 percentage points below target

Baltimore Fire & Police Employees’ Retirement System has committed to Lexington Partners’ latest flagship.

At its June meeting, the system pledged $15 million to Lexington Capital Partners Fund IX, which is targeting $12 billion. The pool focuses on secondary transactions in Europe and the U.S.

Baltimore F&P also interviewed HarbourVest Partners and Greenspring Associates, but ultimately chose to invest with Lexington Partners, which met “the needs of the F&P,” said spokesperson Amy Baskerville.

The board voted to interview two more private equity/secondaries managers for its PE and special situations portfolio for August. Details on the managers were not provided.

In March, the system committed up to $60 million to special situations and secondaries private equity managers.

Baltimore Fire & Police will make PE commitments of up to $80 million every year until 2022 and plans to increase commitments to $100 million for 2023 and 2024 and $125 million for 2025 to 2027.

The system’s PE portfolio is valued at $186 million. It has a 10 percent PE allocation, but its actual allocation currently stands at 6.94 percent. Baltimore F&P has total assets under management of $2.7 billion.