Los Angeles Fire & Police Pension System is looking into investing in emerging hedge funds of funds for the first time. The $15.3 billion system asked general consultant PCA and the plan’s staff to investigate adding it as a suballocation to hedge funds of funds. The system’s target hedge fund-of-funds allocation is 5% and is currently 3% funded. If adopted, the system would conduct searches for fund-of-fund managers, according to Michael A. Perez, general manager.
Separately, the system named Common Sense Investment Management, Crestline, Dorchester, Entrust and GAM to be among the eight finalists for two hedge fund-of-funds managers to run a combined $300 million. Mr. Perez would not identify the other three finalists. A funding source has not been determined. A selection is expected in the fall.
