# Los Angeles Fire & Police Pension System (LAFPP)

Los Angeles Fire & Police Pension System (LAFPP) is a Pension Fund based in Los Angeles, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Los Angeles, United States
- **Region:** North America
- **Address:** 701 East 3rd Street, Los Angeles, CA 90013, United States
- **Founded:** 1899
- **Assets under management:** $30B – $35B (Altss estimate)
- **Website:** lafpp.com
- **LinkedIn:** https://www.linkedin.com/company/lafpp

## Regulatory record

- **Reports private funds:** No

## About

The Los Angeles Fire & Police Pension System was established in 1899 to provide retirement, disability, and survivor benefits to the sworn employees of the city's fire and police departments. Governed by a Board of Commissioners — currently led by President Andrea Ambriz — the system operates as a defined-benefit plan sponsored by the City of Los Angeles. Its beneficiary base of active and retired first responders makes it a politically visible and fiscally scrutinized institution within California's sprawling public-pension landscape. Fujita's investment team manages a portfolio that spans global public equities, fixed income, private equity, venture capital, real estate, infrastructure, commodities, and private credit. On the private-markets side, the fund has committed to vehicles including Blue Owl Real Estate Fund VII, Oaktree Real Estate Opportunities Fund IX, and EQT Exeter Europe Logistic Value Fund V, signaling appetite for both North American and European real assets. The system has also built direct venture capital exposure through early-stage fund commitments and participates in the Institutional Limited Partners Association's Diversity in Action Initiative, reflecting an operational emphasis on manager selection practices. The fund operates from its headquarters at 701 East 3rd Street in downtown Los Angeles and participates actively in industry networks including the California Association of Public Retirement Systems and the International Foundation of Employee Benefit Plans. While headcount is not publicly disclosed, the investment office functions as a lean internal team overseeing an external-manager-heavy portfolio — a structure common among mid-sized US public pensions. The system does not operate adjacent philanthropic foundations or club-investment vehicles. What distinguishes LAFPP structurally is its narrow beneficiary mandate: the plan serves exclusively sworn police officers and firefighters, not general municipal employees — a distinction it shares with only a handful of large US city pension systems. That concentrated liability profile, combined with California's stringent public-records laws, makes the fund one of the more transparent institutional allocators in private markets. Its board meetings, investment policies, and commitment pacing are publicly accessible, offering a window into how a safety-worker pension constructs a multi-asset portfolio in an era of elevated private-markets allocation targets.

## Sectors

- Real Estate
- Private Equity
- Venture Capital
- Infrastructure
- Commodities
- Private Credit

## People

- Joseph Salazar — General Manager
- Bryan Fujita — Chief Investment Officer
- Andrea Ambriz — President of the Board of Commissioners

## Questions

### Who runs investment decisions at LAFPP?

Bryan Fujita serves as Chief Investment Officer and leads the internal investment staff. General Manager Joseph Salazar oversees the system's overall administration, while a Board of Commissioners — currently chaired by Andrea Ambriz — holds fiduciary authority over asset allocation and policy decisions.

### How is LAFPP's beneficiary base different from other city pension funds?

LAFPP serves exclusively sworn police officers and firefighters — not civilian municipal employees. Most large US cities combine public-safety and general-employee plans, making LAFPP's single-class structure relatively unusual among major municipal pension systems.

### What private-market commitments has LAFPP made recently?

The fund has committed to vehicles managed by Blue Owl, Oaktree Capital Management, and EQT Exeter, spanning North American commercial real estate, global mixed-use opportunities, and European industrial logistics. It also maintains venture capital and infrastructure allocations across early-stage and global strategies.

### Does LAFPP invest directly or only through fund commitments?

LAFPP primarily allocates through external fund commitments across private equity, venture capital, real estate, and infrastructure. The system has the authority and staff capability to evaluate co-investment opportunities alongside its managers, though the portfolio remains predominantly fund-of-funds and primary-fund-oriented.

### What is LAFPP's approach to diversity in manager selection?

LAFPP is a signatory to the Institutional Limited Partners Association's Diversity in Action Initiative, which commits the system to incorporating diversity metrics into its manager evaluation and selection processes. The policy reflects broader California public-pension expectations around emerging and diverse manager inclusion.

### How transparent is LAFPP about its investment activities?

As a public entity governed by California's open-meeting and public-records laws, LAFPP discloses board meeting materials, investment policies, and commitment decisions. This makes it one of the more transparent US pension allocators for outside observers tracking municipal private-markets activity.

## Related profiles

- [Los Angeles Department of Water & Power Employees' Retirement Plan](https://altss.com/profile/los-angeles-department-of-water-power-employees-retirement-plan-ladwp)
- [Los Angeles Philharmonic Association](https://altss.com/profile/los-angeles-philharmonic-association)

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Last updated: 2026-07-06T00:35:43.083Z

Canonical page: https://altss.com/profile/los-angeles-fire-police-pension-system-lafpp

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