Northrop Grumman Corp., Los Angeles, selected Forstmann-Leff International to manage its pension fund's $500 million private equity portfolio, sources confirmed.
Most, if not all, of the partnership interests Forstmann-Leff will manage on behalf of Northrop Grumman were made by the Grumman pension fund before the companies merged, the sources said.
Northrop Grumman's private equity exposure appears to be equally divided between venture capital and leveraged buyouts. A spokesman at Northrop Grumman declined comment. Northrup Grumman's pension fund has $17 billion in total assets.