Los Angeles County Employees’ Retirement Association, Pasadena, Calif., hired Grosvenor Capital Management to manage a $250 million customized hedge fund-of-funds portfolio, John McClelland, interim chief investment officer, stated in an e-mail.
It is the $38.9 billion association’s first hedge fund-of-funds investment. Grosvenor was selected following an RFI that was launched in January.
Separately, association officials plan to interview Putnam Investments executives on July 14 for an active small-cap developed markets non-U.S. equity mandate, the size of which has not yet been determined.
Also at its June 8 meeting, the board authorized staff to make new investments in the BlackRock MSCI index funds — EAFE small cap, Canada small cap, and Emerging Markets small cap— for future rebalancing of the association’s non-U.S. equity composite. Funding will be determined from time to time as needed to maintain portfolio exposure at desired levels, Mr. McClelland stated.