Los Angeles County Employees' Retirement Association , Pasadena...

Los Angeles County Employees' Retirement Association, Pasadena, Calif., will search for an adviser to evaluate and make recommendations on large buyout funds with targets of more than $3 billion and venture capital funds with targets of $500 million or greater, said Lisa Mazzocco, CIO of the $32.2 billion system. In October, the board had discontinued a search for a private equity consultant to replace Pathway Capital Management. Pathway, discretionary adviser for the association's $2.1 billion private equity portfolio, was being replaced because it no longer was accepting discretionary consulting mandates. In December, the board decided to hire an adviser for the larger buyout and venture capital funds and use separate account managers for small to midsize buyout and emerging manager funds, Ms. Mazzocco said. Selections are expected to be made in the second quarter, Ms. Mazzocco said.