Los Angeles City Employees' Retirement System hired Hamilton Lane as its alternative investment consultant, replacing Pathway Capital, said Wayne Ige, investment officer. The board considers it prudent to periodically change consulting firms, he said; also Pathway was moving toward a full-discretion model and the board wanted to retain more discretion.
The board of the $8.4 billion fund also renewed the contract of Capital Guardian Trust, which manages $350 million in active European equities benchmarked to MSCI Europe. No RFP was issued. The fund also bought a $20 million secondary interest in Levine Leichtman Capital Partners III; it purchased the limited partnership interest from an individual investor for 20% discount on net asset value. Funding came from cash.