INVESTING/PORTFOLIO STRATEGIES

Los Angeles Fire & Police launches invitation-only search for small-cap manager

Los Angeles Fire & Police Pension System has launched an invitation-only search for a domestic small-cap value equity manager to run a $400 million portfolio, said Tom Lopez, chief investment officer for the $19.5 billion pension fund, in an email.

This would be a new mandate.

The pension fund’s general investment consultant RVK is doing a database screening for candidates. There will not be an RFP. The board could make a selection as early as the end of June.