Los Angeles County Employees Retirement Association, Pasadena, Calif., committed $10 million to Falcon Mezzanine Partners, said Christopher J. Wagner, investment officer, alternative assets. The $24 billion system will fund the commitment from cash.
The system also will search for two active domestic fixed-income managers, one core and the other enhanced core, said Juan M. Almaguer, senior investment manager for fixed income. Plan officials have not determined portfolio sizes. Funding will come from terminations announced earlier this year: American Express, which ran $500 million in core fixed income; and enhanced core managers J.P. Morgan Fleming, which ran $850 million, and Loomis Sayles, $725 million. All three managers can rebid, Mr. Almaguer said.