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Pension Funds

Los Angeles City Employees picks 3 semifinalists in private equity consultant search

Los Angeles City Employees' Retirement System has selected three semifinalists — Cambridge Associates, Cliffwater and TorreyCove Capital Partners — in its search for a private equity consultant, according to a recording of the $17.8 billion pension plan's Feb. 13 investment committee meeting.

LACERS launched the RFP on Oct. 30 to test the marketplace. The incumbent is Portfolio Advisors, which was not among the six firms that responded to the RFP. The staff will perform additional due diligence, including office visits and background checks on the semifinalists. At a date that has yet to be determined, the staff will recommend at least two finalists to the investment committee, agenda materials state.