LACERS plans searches for real estate consultant, 2 managers

Updated with correction.

Los Angeles City Employees' Retirement System is launching an RFP for a real estate consultant, according to the recently released minutes from the board's Jan. 22 meeting.

At the same meeting, the board extended the contract of current real estate consultant Courtland Partners for one year. Courtland's contract was set to expire April 30. Board officials for the $11.3 billion pension fund noted that although Courtland has “performed satisfactorily,” LACERS officials plan to launch an RFP to test the marketplace.

Also in the planning stages are RFPs for international equities and credit opportunities emerging markets debt mandates.

LACERS spokeswoman Linda Aparicio did not respond to requests seeking further information.

In other action, the board asked the private equity group of its general investment consultant, Wilshire Associates, to present an educational presentation of Los Angeles-focused economically targeted investment program. The presentation would also include information on the various stages of venture capital investments, performance of ETI strategies in other states, and a summary of LACERS' current and future private equity and real estate investments within the city of Los Angeles, according to the minutes.

Mayor Antonio Villaraigosa had requested that LACERS consider an ETI program.

The board took no action following a report by Chief Investment Officer Rod June on LACERS' public markets exposure to gun-related companies and retailers in response to a request by Mr. Villaraigosa that LACERS consider the divestment of manufacturers of firearms, ammunition or high-capacity ammunition. No further information was available by press time.