Los Angeles Fire and Police Pension System hired Portfolio Advisors as its lone private equity consultant, said Michael A. Perez, general manager of the $12.6 billion system.
The system previously had two private equity consultants, Aldus Equity for core and StepStone Group as specialty consultant. StepStone rebid and was one of the nine finalists.
Aldus was terminated May 7 after New York state and the SEC charged it and Saul Meyer, one of its founding principals, with civil securities fraud in connection with a “pay-to-play” scheme involving investments in the $129.4 billion New York State Common Retirement Fund, Albany. Mr. Meyer pleaded guilty in state supreme court in New York on Oct. 2 to fraud charges relating to the New York state fund’s investments.