Los Angeles City Employees' Retirement System board members yesterday received a preliminary draft of an alternative investment policy, strategy and guidelines that is expected to be reviewed in detail by the board in the next couple of months.
Included in the draft submitted by the $6.6 billion system's alternative investments consultant, Pathway Capital, is an option that could give Pathway full discretion when choosing investments for the system, according to Board Commissioner Michael J. Galvin. Another issue raised by the preliminary policy draft is whether the LACERS board should boost funding of alternative investments so the fund approaches its 3% target, he said. CIO Dan Gallagher said the fund has about $61 million actually invested in alternative investments.
