Los Angeles City Employees’ Retirement System authorized the renegotiation of the $7.7 billion fund’s contract with master custodian Northern Trust.
The board also approved investing up to $25 million in Navis Partners V, successor to Chisolm, a limited partnership investing in telecommunications, media, information systems and health-care businesses. It also authorized an additional $5 million allocation in Allegis Multifamily Trust, bringing the fund’s investment up to $25 million; and an investment of up to $25 million in Welsh, Carson, Anderson & Stowe IX.
