Los Angeles County Employees’ Retirement Association, Pasadena, Calif., is looking for a hedge fund-of-funds manager to run a $250 million, according to an RFI for the $42 billion pension fund.
Pension fund executives launched the RFI to identify a manager that can offer a customized diversified hedge fund solution for its 3% hedge fund target allocation. Currently, LACERA has 1% of the portfolio invested in two hedge funds-of-funds; one is diversified and the other is focused on opportunistic credit strategies.
Responses to the RFI are due April 25. The RFI is posted on the pension fund’s website at http://www.lacera.com/Opportunities/RFP/hedge_fund_of_funds/index.html.
Separately, the board at its Wednesday meeting committed up to $100 million each to private equity funds, Insignia Capital Partners and up to $100 million to Marlin Equity Partners IV, said David Kushner, chief investment officer, in an e-mail.
In other action, LACERA officials expect to select finalists for new corporate credit allocations this fall. Pension fund officials launched an RFI on March 12 searching for three to four new managers that would manage a portfolio of $200 million each.